Contents
- 1 Brazil Introduces Legislation for National Bitcoin Reserve to Back Central Bank Digital Currency
- 1.1 Proposed Bitcoin Reserve to Diversify Brazil’s Assets
- 1.1.1 A Federal Deputy in Brazil has introduced a bill proposing the creation of a national Bitcoin reserve, aiming to hold up to 5% of the country’s international reserves. The move is designed to diversify the Treasury’s assets and support the country’s central bank digital currency (CBDC).
- 1.1.2 Reserve to Back Brazil’s Central Bank Digital Currency
- 1.1.3 Legislation to Educate Public on Digital Assets
- 1.1 Proposed Bitcoin Reserve to Diversify Brazil’s Assets
Brazil Introduces Legislation for National Bitcoin Reserve to Back Central Bank Digital Currency
Proposed Bitcoin Reserve to Diversify Brazil’s Assets
A Federal Deputy in Brazil has introduced a bill proposing the creation of a national Bitcoin reserve, aiming to hold up to 5% of the country’s international reserves. The move is designed to diversify the Treasury’s assets and support the country’s central bank digital currency (CBDC).
A Federal Deputy in Brazil has presented a bill that would establish a national Bitcoin reserve, which could hold up to 5% of the country’s international reserves. This reserve, known as the Sovereign Strategic Reserve of Bitcoins (RESBit), would be managed by Brazil’s Central Bank in collaboration with the Ministry of Finance. Cold wallets would be used for security.
Reserve to Back Brazil’s Central Bank Digital Currency
The proposed Bitcoin reserve is intended to back Brazil’s upcoming central bank digital currency (CBDC), named Drex. Advanced monitoring systems using artificial intelligence and blockchain technology would be implemented to ensure transaction integrity. Management of the reserve would adhere to Brazil’s Fiscal Responsibility Law, with semiannual reports to the National Congress.
Legislation to Educate Public on Digital Assets
The bill also includes provisions for educational programs to inform the public about digital assets. The acquisition process would be gradual and controlled, with the aim of implementing the reserve in a strategic manner. Deputy Biondini, who introduced the legislation, highlighted the growth of the cryptocurrency market and its increasing legitimacy as an asset class.
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