Brazilian Lower House Committee Passes Bitcoin Strategic Reserve Bill

On June 12, the Economic Development Committee of the Brazilian Lower House passed the Bitcoin Strategic Reserve Bill '4501/2023'. The bill proposes the creation of a national reserve called 'RESBiT', allowing up to 5% of foreign reserves to be held in Bitcoin. The bill, introduced by Federal Representative Eros Biondini as '4501/2024', outlines the formation of a Bitcoin sovereign strategic reserve by the federal government, among other measures. Having received approval from two committees of the Lower House, the bill has now moved a significant step closer to becoming law. Initially proposed in November last year, the bill designates the Central Bank of Brazil and the Ministry of Finance as the managing bodies for the reserve...