- Bitcoin adoption could get another boost from Brazil.
- This is after a Brazilian congressman submitted a bill proposing to adopt Bitcoin as a national reserve asset.
- US lawmakers are also pushing to create a strategic bitcoin reserve.
A member of Congress in Brazil has introduced a Bitcoin reserve bill, adding the country to a growing list of countries looking to tap into the major cryptocurrency as a treasury reserve asset.
On November 25, Brazilian Congressman Eros Biondini presented a new proposal aimed at creating a Bitcoin (BTC) reserve in Brazil.
The proposal, titled “Sovereign Strategic Reserve for Bitcoin (RESBit),” outlines the benefits of adopting Bitcoin as a reserve asset for the national treasury. Diversifying the state's assets and reducing economic risks is part of the strategic plan. The bill also looks at the opportunity this would provide in terms of placing Brazil at the forefront of technological and financial innovation and development globally.
Just in: Bill to create a strategy #Bitcoin The reserve was introduced in the Brazilian House of Representatives 🇧🇷 pic.twitter.com/0jh3hXaxCJ
— Bitcoin Magazine (@BitcoinMagazine) November 26, 2024
According to Biondini, RESBit will be crucial to strengthening Brazil's economic sovereignty if approved.
In this case, Biondini suggests gradually adding Bitcoin to the strategic reserve vaults. The draft law aims for Bitcoin to constitute 5% of the country's national reserves. This project will be acquired and managed under the supervision of the Brazilian Central Bank, with the purchased Bitcoin stored in cold wallets.
During his election campaign, US President-elect Donald Trump pledged to support the country's strategic Bitcoin reserve. Since his election to office, and before his inauguration in January, a lot has happened regarding the US National Bitcoin Reserve. U.S. Senator Cynthia Lummis has led these efforts, with support from several industry players.
If only there was a way to get our country out of debt while ensuring a strong US dollar. Oh wait. #Bitcoin_Law
– Senator Cynthia Lummis (@SenLummis) November 19, 2024
This comes at a time when other countries, including Argentina, have MoroccoRomania adds to the overall bullish trend around BTC adoption around the world.