- Bitcoin adoption could get another boost from Brazil.
- This is after a Brazilian Congressman introduced a bill proposing adoption of BTC as national reserve asset.
- US lawmakers are also pushing for a Bitcoin strategic reserve.
A Congressman in Brazil has introduced a Bitcoin reserve bill, adding the country to a growing list of nations looking to tap into the flagship cryptocurrency as a treasury reserve asset.
On Nov. 25, Brazilian Congressman Eros Biondini introduced a new proposal aimed at the creation of a Bitcoin (BTC) reserve in Brazil.
The proposal, titled ‘Bitcoin Sovereign Strategic Reserve (RESBit)’, outlines the benefits of adopting BTC as a national Treasury reserve asset. Diversification of the country’s assets and reduction of economic risk are part of the strategic plan. The bill also looks at the opportunity this would offer in terms of putting Brazil at the forefront of technological and financial innovation and development globally.
JUST IN: A bill to create a strategic #Bitcoin reserve has been introduced in Brazil’s Chamber of Deputies 🇧🇷 pic.twitter.com/0jh3hXaxCJ
— Bitcoin Magazine (@BitcoinMagazine) November 26, 2024
According to Biondini, RESBit will be critical to bolstering Brazil’s economic sovereignty if approved.
In this case, Biondini proposes a gradual addition of BTC to the strategic reserve coffers. The bill targets having Bitcoin form 5% of the country’s national reserves. The acquisition and management of this project will be under the Central Bank of Brazil, with purchased BTC stored in cold wallets.
During his campaign, US president-elect Donald Trump vowed to support a strategic Bitcoin reserve for the country. Since his election to office, and ahead of his inauguration in January, a lot has happened with regard to a US national bitcoin reserve. US senator Cynthia Lummis has spearheaded these efforts, with multiple industry players backing it.
If only there was a way to dig our nation out of debt while ensuring the strength of the U.S. dollar. Oh wait. #BITCOINAct
— Senator Cynthia Lummis (@SenLummis) November 19, 2024
This comes as other countries, including Argentina, Morocco, and Romania add to the overall bullishness around BTC adoption across the globe.