The Brazilian parliament is considering establishing a bitcoin strategic reserve and plans to invest 5% of its international reserves.

On June 12, the Brazilian House of Representatives is considering the Bill No. 4501 of 2024, which proposes the establishment of the Bitcoin Sovereign Strategic Reserve (RESBit), with plans to allocate up to 5% of international reserves to the purchase of bitcoin. The bill aims to diversify treasury assets, protect against exchange rate fluctuations and geopolitical risks, promote the development of blockchain technology, and provide support for the Brazilian digital currency (Drex). The reserve will be jointly managed by the Brazilian Central Bank and the Ministry of Finance, using security technologies such as cold wallets, and establishing strict transparency mechanisms. Speaker Luiz Gastão MP has voted in favor of the bill, emphasizing that a cautious and gradual implementation strategy will be adopted to balance potential benefits and risks.