Brazil Proposes Bitcoin Strategic Reserve: A Step into the Digital Future

Brazil’s Congress is considering legislation to establish a national Bitcoin reserve, marking a significant step toward embracing cryptocurrency as a strategic financial tool. The bill, introduced by Federal Deputy Eros Biondini on November 25, 2024, proposes the creation of the Sovereign Strategic Reserve of Bitcoins (RESBit) to hold up to 5% of Brazil’s international reserves. However, its alignment with the central bank digital currency (CBDC), Drex, has sparked debate about the true intentions and long-term impact of the bill.