The Brazilian Bitcoin Reserve Bill has passed the First Committee for consideration

The Brazilian Bitcoin Reserve Bill "PL 4501/2023 or PL 4501/2024" has passed the First Committee for consideration. The bill proposes to establish a "sovereign strategic bitcoin reserve", allocating up to 5% of foreign exchange reserves to bitcoin. Once implemented, Brazil will become the second Latin American country after El Salvador to establish a legal BTC reserve. Pedro Giocondo Guara, the deputy president's chief of staff, said in March that the "strategic sovereign bitcoin reserve" is crucial to the country's prosperity and is a matter of public interest, calling bitcoin "the gold of the Internet".