The Brazilian House of Representatives is holding an hearing to discuss the bill that proposes the creation of the national Bitcoin Reserve in Brazil on August 20.
According According to the website of the House, six institutions will be participating, including representatives of the Central Bank of Brazil and the Ministry of Finance. Also, there are fintech and banking companies, as well as a crypto advocacy group.
It is important to note that the word “you” means “you”. bill, introduced in November 2024, seeks to allow up to 5% of the country’s treasury funds to be used to buy Bitcoin, which translates to a potential investment of roughly $15 billion, assuming The central bank reserves totaled about $300 billion in February.
In accordance with the bill, cryptocurrency reserves would “protect international reserves against exchange rate fluctuations and geopolitical risks” You can also find out more about the following: “promote the use of blockchain technologies in the public and private sectors.”
If approved by lawmakers in the House, the legislation will head to the Senate, the upper chamber in the Congress, before being signed into law or vetoed by Brazil President Luiz Inácio ‘Lula’ da Silva.
Mixed reactions have been received by the idea of creating a Bitcoin Reserve in this country.
“Debating the creation of a sovereign Bitcoin reserve is in the public interest and vital to Brazil’s prosperity,” In March, Pedro Giocondo Guerra said that he was the chief of staff for Vice-President Geraldo Alckmin. according Poder360 has cited a translated version of this statement. “After all, Bitcoin is the digital gold, the gold of the internet.”
Nilton David is the director of Brazil’s Central Bank for monetary policy. said It would not be appropriate to include cryptocurrency assets in a nation’s reserves of foreign currency.
Related: Donald Trump to get on with Bitcoin reserve ‘in short order’ — Bo Hines
National Bitcoin Reserves in Other Countries
Donald Trump, the US president signed an executive order Other countries have followed or rumored to follow suit in creating a strategic national Bitcoin reserve.
Kazakhstan’s government revealed in June through a news service that it plans to establish a Bitcoin reserve. This will likely be done with confiscated coins. There are also rumors of other countries rumored to have a Bitcoin Reserve. India You can also find out more about the following: Sweden.
From the highest to lowest, these are the six countries. hold the most Bitcoin are El Salvador and Bhutan, as well as the United States of America, China, United Kingdom.
Magazine: Pakistan will deploy Bitcoin reserve in DeFi for yield, says Bilal Bin Saqib
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Source: cointelegraph.com
