A bill proposing the acquisition of up to 1 million BTC has been introduced to the Brazilian Congress, significantly expanding a previous national strategic bitcoin reserve. The draft, which will need to be greenlit, would put Brazil among the countries holding the most bitcoin.
New 1 Million BTC Strategic Bitcoin Reserve Bill Presented in Brazilian Congress
Brazil is preparing to advance in becoming one of the most pro- bitcoin countries ever.
A bill that significantly expands the scope of a previous document proposing the creation of a national strategic bitcoin reserve has been introduced in Congress as a substitute, allowing the rewriting of an already introduced draft.
The new document establishes that RESbit, the so-called “Strategic Sovereign Bitcoin Reserve,” now contemplates the “planned and gradual acquisition of bitcoins as strategic reserve assets of the Union to accumulate at least 1,000,000 BTC (one million bitcoins) over 5 (five) years.”
Before, the bill contemplated spending up to 5% of Brazil’s foreign reserves to “diversify the assets of the National Treasury with an asset immune to inflation and to the confiscation of third parties,” which would be managed by the central bank as part of the national treasury.
In addition, it proposes a set of changes, including a ban on selling bitcoin seized by judicial authorities, accepting bitcoin as a payment method for federal taxes, and establishing incentives for companies that mine and hold bitcoin.
Deputy Luis Gastao emphasizes these modifications adopt a “more comprehensive approach, contemplating not only the establishment of the sovereign reserve, but also the guaranteeing fundamental rights related to the use and custody of digital assets.”
If approved by the required commissions and passed by Congress, the bill would encompass spending nearly $68 billion to acquire 1 million BTC, establishing Brazil as one of the countries with the strongest BTC reserves. These numbers would surpass the U.S. and China, estimated to be the nations with the most BTC hoarded.
Nonetheless, the bill will have to clash with current central bank regulations, which do not contemplate the use of BTC as a reserve asset.
FAQ
- What recent legislative development has Brazil introduced regarding Bitcoin?
Brazil’s Congress has proposed a bill to create a “Strategic Sovereign Bitcoin Reserve,” aiming to accumulate 1 million BTC over five years.
- What changes does the new bill propose compared to its predecessor?
The bill expands the previous proposal by allowing significant spending on Bitcoin and introduces measures like accepting Bitcoin for federal tax payments.
- How much funding is allocated for the acquisition of bitcoin under this bill?
If approved, Brazil plans to spend nearly $68 billion to secure its target of 1 million BTC, potentially surpassing the reserves of the U.S. and China.
- What challenges does the bill face in implementation?
The proposed legislation must align with existing central bank regulations, which currently do not recognize bitcoin as a reserve asset.
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