Brazilian Congress Bill Proposes Establishment of Strategic Bitcoin Reserve, Aiming to Accumulate 1 Million BTC Within 5 Years

BlockBeats News, February 13th, according to the Brazilian Chamber of Deputies official website, a bill named RESbit for a strategic sovereign Bitcoin reserve substitution has recently been officially submitted. The bill proposes that Brazil, within 5 years through planned gradual purchases, accumulate at least 1 million bitcoins as a national strategic reserve asset. The submitted bill significantly expands the scale of using 5% of the foreign exchange reserve to purchase bitcoins compared to previous bills.

The draft also includes provisions to prohibit the sale of seized bitcoins, accept bitcoin payments for federal taxes, and provide incentives for bitcoin mining and holding companies. If passed, Brazil's holdings are expected to surpass those of the United States and China. Currently, the bill still needs to address the restrictions of the central bank's existing regulatory framework, as the current central bank regulations do not consider the use of bitcoin as a reserve asset.