PANews reported on November 27, according to Crypto.news, that members of the Brazilian Chamber of Deputies have proposed allocating 5% of the country's $370 billion treasury to a Bitcoin strategic reserve. This proposed Bitcoin bill would limit Brazil's Bitcoin reserves to around $18.5 billion.
The Brazilian Chamber of Deputies (the lower house of the National Congress) must first approve the bill before it can be submitted to the Federal Senate (the upper house). If the senators in the Federal Senate support the proposal, it will be submitted to the President of Brazil for approval to become law.
