Brazilian lawmaker Eros Biondini has proposed a new bill to establish a sovereign Bitcoin reserve, called RESBit, to improve Brazil’s financial infrastructure. The bill aims to modernize financial management, promote blockchain technology, and diversify assets. It suggests allocating up to 5% of Brazil’s international reserves to Bitcoin, protecting against currency fluctuations and geopolitical risks.
The proposed cryptocurrency reserve will support the issuance of Brazil’s digital currency, Real Digital (Drex). The Central Bank of Brazil and the Ministry of Finance would oversee RESBit, with strict security measures in place and adherence to the Financial Responsibility Law. A technical advisory committee composed of cybersecurity experts would guide the management of the Bitcoin Reserve.
In addition, the bill includes provisions for administrative and criminal penalties to safeguard public funds. If passed, the legislation could position Brazil as a leader in financial innovation by integrating cryptocurrency into its national strategy.
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