Brazilian Congressman Proposes to Incorporate 'Bitcoin into National Reserves': Plans to Invest $17.7 Billion in BTC

Brazilian Congressman Eros Biondini proposed a striking bill this Monday (25th), suggesting the establishment of a fund called 'Sovereign Bitcoin Strategic Reserve' (Reserva Estratégica Soberana de Bitcoins, abbreviated as RESBit) in Brazil, aimed at enhancing the diversity of Brazil's national financial reserves.

According to the proposal, the Central Bank of Brazil will be responsible for managing the reserve and gradually acquiring Bitcoin. The bill stipulates that Brazil will gradually allocate 5% of its national foreign exchange reserves to Bitcoin.

According to data from blockchain analysis company Chainalysis, Brazil is already the tenth largest cryptocurrency market in the world. In the first nine months of 2024, Brazil's cryptocurrency inflow grew by 60.7%, surpassing the total for the entire year of 2023.

In addition to Bitcoin, the use of stablecoins in the Brazilian market has also seen significant growth. According to a report by Chainalysis, Brazil's institutional cryptocurrency activity in Latin America shows that financial institutions' interest in cryptocurrencies continues to rise, especially with the launch of Bitcoin and Ethereum ETFs. Brazil ranks ninth in the global cryptocurrency adoption index, with stablecoin trading accounting for 59.8% of the market share.

In particular, stablecoins pegged to the dollar (such as USDT) currently have a market share close to 70% in Brazilian cryptocurrency trading, indicating the important position of stablecoins in the Brazilian cryptocurrency market.

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