Just In: Brazil’s Congress Introduces Bill To Create Strategic Bitcoin Reserve
Brazil’s Chamber of Deputies will deliberate on a new bill to create a Strategic Bitcoin Reserve for the country. This is significant as it is bullish for Bitcoin’s adoption and could mark the genesis of mass adoption among nation-states.
Brazil’s Congress Introduces Bill To Create Strategic Bitcoin Reserve
Member of Brazil’s Chamber of Deputies Eros Biondini has introduced a bill to create a Strategic Bitcoin Reserve. As highlighted in the Bill, Bidoni proposes that the country allocate up to 5% of international reserves to buy Bitcoin and diversify its national assets.
The Congressman also sees the ‘Bitcoin Strategic Sovereign Reserve’ as a way to hedge against exchange rate fluctuations and geopolitical risks. The country could buy up to $3 billion worth of BTC if Congress eventually passes this bill.
This is bullish for the Bitcoin price, seeing how countries are opening up to the idea of adopting the flagship crypto as a reserve asset. Brazil looks to be following in the footsteps of countries like El Salvador and Bhutan, which have already adopted a Bitcoin strategy.
It is worth mentioning that the US is also likely to create this Strategic Bitcoin Reserve when President-elect Donald Trump comes into office on January 20, 2025. Ahead of his inauguration, Trump is already making plans to ensure that this Bitcoin Reserve comes to life.
CoinGape reported that the president-elect wants to constitute a Crypto Advisory Council responsible for setting up this Strategic Bitcoin Reserve. Meanwhile, on the legislative side, pro-crypto Senator Cynthia Lummis has introduced a bill for the US to purchase up to 1 million BTC over five years.
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