Brazil Unveils Plan for National Bitcoin Reserve

Brazil has taken a significant step towards adopting Bitcoin as a strategic asset by proposing a national reserve. The PL 4501/2023 bill, introduced by Congressman Eros Biondini, proposes allocating up to 5% of the country’s foreign exchange reserves to Bitcoin. This proposal would create the ‘RESBit’ reserve, managed by the Central Bank and Ministry of Finance using cold wallets and subject to bi-annual congressional audits.