Financial statements from the Brazilian Central Bank or verified financial news sources

Brazil Proposes Allocating Up to 5% of Reserves to Bitcoin in New Bill

Nov 26, 2024, 05:55 PM

On November 26, 2024, Brazil introduced a bill in its Chamber of Deputies to establish a strategic Bitcoin reserve. Proposed by Congressman Eros Biondini, the bill aims to allocate up to 5% of Brazil's international reserves, potentially amounting to $3 billion, into Bitcoin. The initiative seeks to diversify the country's assets and mitigate exchange rate fluctuations and geopolitical risks. Brazil joins other nations exploring Bitcoin reserves, such as the United States with its BITCOIN Act, Poland, Slovenia, and El Salvador, where Bitcoin is legal tender. If passed, the bill would position Brazil as a significant player in national-level Bitcoin adoption.