Brazilian Congressman Proposes Establishment of National Bitcoin Reserve Fund

Congressman Eros Biondini from Brazil has officially proposed the establishment of a national reserve fund for Bitcoin named Reserva Estratégica Soberana de Bitcoins (RESBit). This proposal was submitted on November 25, aiming to diversify the national treasury and position Brazil as one of the pioneering countries in the digital economy.

The RESBit fund is expected to account for a maximum of 5% of the total national reserves, equivalent to approximately $18.6 billion, with the goal of minimizing economic risks and promoting technological development. The Central Bank of Brazil will be responsible for managing the fund, ensuring transparency through the storage of assets in cold wallets and providing regular reports to Congress and the public.

This proposal stems from the global trend in the adoption of cryptocurrency, with Brazil being highly regarded in the field of digital currency, ranking 10th in the world for the cryptocurrency market. The interest from central banks in digital assets like Bitcoin is increasing, reflecting its potential in supporting and stabilizing the economy.