3 weeks ago
Brazil’s Chamber of Deputies Economic Development Commission volition clasp its archetypal proceeding connected Aug. 20 to analyse a connection to found a Bitcoin Strategic Reserve (RESBit) worthy up to $18.6 billion.
As Agência Câmara de Notícias reported, the 3 P.M. ET league volition stitchery method perspectives connected Bill 4501/24, which seeks to modernize Brazil’s treasury absorption and heighten competitiveness successful the planetary integer economy.
Deputy Luiz Philippe de Orleans e Bragança requested the proceeding to cod adept investigation from authorities agencies and fiscal institutions regarding the RESBit proposal.
The authorities aims to diversify Brazil’s Treasury assets and support planetary reserves against speech complaint fluctuations and geopolitical risks.
Confirmed speakers see Diego Kolling, caput of Bitcoin strategy astatine Méliuz, and Julia Rosim, ABcripto argumentation moving radical coordinator and Bitso caput of nationalist policy.
Legislative model and marketplace context
Lawmaker Eros Biondini introduced the legislation, citing palmy blockchain integration by countries including El Salvador, the United States, China, Dubai, and the European Union.
The measure assigns custody responsibilities to Brazil’s Central Bank and Finance Ministry and requires biannual reports connected RESBit show and hazard assessments.
Brazil leads Latin America successful crypto adoption and ranks 10th globally according to Chainalysis’ Geography of Crypto study 2024.
According to Brazilian taxation authorization data, the state traded astir $76 cardinal successful crypto past year.
The connection positions Brazil among nations exploring integer plus reserves arsenic hedges against accepted currency.
Committee reappraisal process and support requirements
Following the proceeding connected Aug. 20, the connection enters conclusive investigation by 4 Chamber committees: Economic Development, Science Technology and Innovation, Finance and Taxation, and Constitution Justice and Citizenship.
Each committee indispensable o.k. the authorities earlier advancing to afloat Chamber consideration.
The measure requires support from some the Chamber of Deputies and the Senate to go law, establishing a broad legislative reappraisal process for the Bitcoin reserve proposal.
Technical input from the proceeding volition pass committee evaluations and imaginable substance modifications during the reappraisal phases.
Orleans e Bragança seeks perspectives from monetary authorities, authorities officials, banking strategy representatives, and taxable substance experts to refine the connection text.
The lawman noted the value of collecting Central Bank method investigation earlier committee markup sessions statesman to cleanable the legislation.
The station Brazil to clasp archetypal proceeding connected projected $19 cardinal Bitcoin Strategic Reserve appeared archetypal connected CryptoSlate.
English (US) 