Brazil, following the USA, is considering the creation of a $BTC -bitcoin reserve
The proposal involves the creation of a cryptocurrency reserve called RESBit. It is intended to complement the existing assets of the Central Bank of Brazil. According to the plan, RESBit should not exceed 5% of the total reserves.
The bitcoin reserve is planned to be used as collateral for the future central bank digital currency — Real Digital (Drex). The management of RESBit is expected to be handed over to the central bank, which will utilize blockchain and artificial intelligence technologies. An advisory committee of security experts will be established to oversee the initiative.
The document is currently under review by the Speaker of the House of Deputies. After approval, it will be sent for discussion to the relevant committees. The bill mentions the experience of El Salvador — the country whose authorities were the first in the world to legalize bitcoin in 2021. BTC became the national currency of the country alongside the US dollar.
Additionally, the authorities of El Salvador have been buying 1 bitcoin daily since November 2022. The initiative aims to strengthen the country's independence from shocks in the financial market.
