On November 27, 2024, Brazilian federal deputy Eros Biondini introduced a bill to establish a Sovereign Strategic Bitcoin Reserve (RESBit), proposing an allocation of up to $18.6 billion, or 5% of Brazil's international reserves. This initiative aims to diversify the National Treasury's assets, protect against exchange rate fluctuations, and support the country's new central bank digital currency, Drex.
The legislation highlights the importance of integrating blockchain technology into Brazil's financial management to enhance competitiveness in the global digital economy. It draws parallels with successful implementations in other countries, such as El Salvador and the European Union's MiCA regulation.
Under the proposed framework, the Central Bank of Brazil and the Ministry of Finance will manage the Bitcoin reserve, with mandatory semiannual reporting on its performance and security. The bill also emphasizes the need for public education on cryptocurrencies, including training programs and support for crypto startups.
Biondini stated that the creation of RESBit is a strategic measure to position Brazil as a leader in the digital economy, potentially reducing economic risks and enhancing development opportunities. As of now, Bitcoin is trading at $92,620, reflecting a 7% correction from its near $100,000 peak, but is up 37% over the past month.