COINOTAG News reported on November 27th that Brazilian congressman Eros Biondini has introduced a legislative proposal advocating for the establishment of the Reserva Estratégica Soberana de Bitcoins (RESBit), or the Strategic Sovereign Bitcoin Reserve. This bill suggests that Brazil could allocate up to 5% of its national reserves, currently estimated at $372 billion, to acquire Bitcoin progressively. The initiative aims to bolster Brazil’s economic stability, particularly in mitigating the risks associated with currency volatility and geopolitical tensions. By strategically integrating Bitcoin into its fiscal strategy, Brazil seeks to enhance its financial resilience amidst a rapidly evolving global economic landscape.
Source: https://en.coinotag.com/breakingnews/brazilian-congressman-proposes-strategic-sovereign-bitcoin-reserve-resbit-to-boost-economic-resilience/