Brazil could be the latest country to embrace Bitcoin as part of its financial strategy. Congressman Eros Biondini has introduced a bill proposing the adoption of Bitcoin (BTC) as a national reserve asset, following a global trend of integrating cryptocurrency into treasury reserves.
The proposal, called the Bitcoin Sovereign Strategic Reserve (RESBit), was presented on November 25. It outlines the benefits of including Bitcoin in Brazil’s reserves, such as diversifying national assets, reducing economic risks, and positioning Brazil as a leader in technological and financial innovation.
Biondini emphasized that RESBit could strengthen Brazil’s economic sovereignty if approved. The plan suggests a gradual integration of Bitcoin, with a goal of having BTC constitute 5% of the country’s reserves. The Central Bank of Brazil would oversee the project, storing acquired Bitcoin in secure cold wallets.
US Push for a Bitcoin Reserve
The move mirrors growing interest in Bitcoin among policymakers worldwide. In the United States, President-elect Donald Trump has expressed support for a strategic Bitcoin reserve during his campaign. Since his election, Senator Cynthia Lummis has championed efforts to establish such a reserve, gaining backing from key industry players.
Global Momentum for Bitcoin Adoption
Brazil’s proposal joins similar discussions in countries like Argentina, Morocco, and Romania, which are exploring Bitcoin’s potential as part of their financial systems. As Bitcoin adoption gains momentum globally, such moves could further solidify its role as a key asset in national and international economies.
If Brazil approves RESBit, it would mark a significant step in the global push for cryptocurrency adoption, setting a precedent for other nations looking to leverage Bitcoin’s potential for economic resilience and innovation.
Featured image from: en.cryptonomist.ch