Brazil is moving towards integrating Bitcoin into its economic framework, with a proposed law to create a Sovereign Strategic Bitcoin Reserve.
The legislation, introduced by Congressman Eros Biondini on 25 November, aims to establish the reserve, known as RESBit, to protect the nation’s financial stability and support its transition towards a central bank digital currency.
Source: Câmara dos Deputados
The proposed Bitcoin reserve seeks to reduce Brazil's vulnerability to currency fluctuations and geopolitical uncertainties.
Acting as a buffer for economic shocks, the reserve could also serve as collateral for the country’s anticipated central bank digital currency, named Real Digital (Drex).
Brazil’s current reserves, valued at $355 billion as of December 2023, are largely tied to global fiat currencies, such as the US dollar.
Adding Bitcoin, up to a limit of 5% of these reserves, offers a diversification strategy intended to enhance economic resilience.
The draft bill draws inspiration from El Salvador, which made Bitcoin legal tender in 2021 alongside the US dollar.
Since then, El Salvador has accumulated nearly 6,000 BTC, worth approximately $542 million as of 26 November, in a bid to boost financial inclusion and attract foreign investment.
The Brazilian proposal references El Salvador's use of Bitcoin as an economic diversification tool over the past four years, presenting it as a potential roadmap for similar outcomes in Brazil.
If enacted, the law would empower Brazil’s central bank to manage the Bitcoin reserve through transparent, blockchain-powered systems.
Artificial intelligence would also play a role, ensuring efficient management of assets.
A technical advisory committee, composed of security experts, would provide oversight and advice to maintain the reserve's integrity.
The legislation includes provisions to address any mismanagement of the reserve.
Violators could face administrative or criminal penalties, ensuring stringent oversight of the RESBit initiative.
Such measures aim to reassure stakeholders that the reserve would be handled with the utmost accountability.
This development aligns with Brazil's broader push towards regulating digital assets.
In June 2023, the country implemented a legal framework granting the central bank authority to oversee virtual asset service providers.
At the same time, the Securities and Exchange Commission retained responsibility for tokens classified as securities.
These steps reflect Brazil’s strategic approach to navigating the fast-evolving world of digital currencies while safeguarding its financial systems.
The proposed legislation now awaits review by the Speaker of the House of Representatives before heading to relevant committees for further debate.
El Salvador and Argentina have signed an agreement to collaborate on cryptocurrency regulation and innovation in Latin America. The deal aims to share expertise, boost crypto growth, and strengthen the regulatory framework for digital assets in both countries.
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