A Bitcoin reserve law was introduced in Brazil

• The introduction of Bitcoin could experience another upswing from Brazil.
• This happened after a Brazilian congress member had submitted a draft law that suggested the introduction of BTC as a national reserve assets.
• Also US legislators urge a strategic bitcoin reserve.

A congress member of Brazil has brought in a Bitcoin reserve law and thus adds the country to a growing list of nations that want to use the flagship cryptocurrency as a reserve assets for the state treasury.

On November 25th, the Brazilian congress member Eros Biondini presented a new proposal that aims to create a Bitcoin (BTC) reserve in Brazil.

The proposal entitled "Bitcoin SOEUGN SAGEGIS Reserve (Resbit)" describes the advantages of the introduction of BTC as a reserve assets of the National Ministry of Finance. The diversification of national assets and the reduction of the economic risk are part of the strategic plan. The draft law also deals with the opportunities this would offer to bring Brazil to the top of technological and financial innovation and development worldwide.

Just in: a draft law for creating a strategy #Bitcoin Brazilian Chamber of Deputies was introduced 🇧🇷 pic.twitter.com/0JH3Hxaxcj

-Bitcoin-Magazin (@BitcoinMagazine) 26. November 2024

According to Biondini, Resbit will be of crucial importance for strengthening the economic soil of Brazil in the event of its approval.

In this case, Biondini proposes a gradual admission of BTC to the strategic reserve funds. The draft law stipulates that Bitcoin should make up 5 % of the country's national reserves. The acquisition and management of this project is responsible for the Brazilian central bank, whereby bought BTC is kept in cold wallets.

During his election campaign, the elected US President Donald Trump promised to support a strategic Bitcoin reserve for the country. A lot has happened since his election and before his inauguration in January in relation to a national Bitcoin reserve. US Senator Cynthia Lummis has promoted these efforts and is supported by several industry players.

if there was only one way to free our country from the debt and at the same time ensure the strength of the US dollar. Oh, wait. #bitcoinact

- Senator Cynthia lummis (@senlummis) 19. November 2024

This is done because other countries, including Argentina, Morocco and Romania, contribute to the general optimism with regard to BTC introduction around the world.