Bitcoin Adoption in Brazil
A Brazilian Congressman has introduced a bill proposing the adoption of Bitcoin as a national reserve asset, potentially giving Bitcoin adoption a significant boost in the country. This move comes as US lawmakers are also exploring the idea of creating a Bitcoin strategic reserve.
Introduction of Bitcoin Reserve Bill in Brazil
On November 25, Brazilian Congressman Eros Biondini introduced a proposal for the creation of a Bitcoin reserve in Brazil. The bill, titled ‘Bitcoin Sovereign Strategic Reserve (RESBit)’, aims to diversify the country’s assets and reduce economic risk by adopting BTC as a national Treasury reserve asset. The strategic plan also highlights the opportunity for Brazil to lead in technological and financial innovation globally.
Key Points of the Proposal
- The bill proposes the gradual addition of Bitcoin to Brazil’s national reserves, targeting 5% of the total reserves.
- The Central Bank of Brazil will oversee the acquisition and management of Bitcoin, with purchased BTC stored in cold wallets for security.
US Efforts in Bitcoin Reserve
US senator Cynthia Lummis has been leading efforts to establish a national Bitcoin reserve in the United States. With support from industry players, the idea of a strategic Bitcoin reserve has gained traction, aligning with President-elect Donald Trump’s campaign promise to explore this option.
Global Trend Towards Bitcoin Adoption
Brazil joins the list of countries, including Argentina, Morocco, and Romania, that are embracing Bitcoin adoption, adding to the overall bullish sentiment towards BTC globally.
