Brazil's Lower House Introduces Bill for 'National Bitcoin Strategic Reserve', Plans to Purchase 1 Million BTC Over 5 Years

In the Economic Development Committee of Brazil's Lower House, a substitute bill 'PL 4501/2024' has been introduced, aiming to establish a 'National Bitcoin Sovereign Strategic Reserve (RESBit)'. The bill proposes a phased acquisition of up to 1 million bitcoins (BTC) over a period of five years, with the purchasing budget capped at 5% of the nation's foreign currency reserves. The management of the reserve will be jointly conducted by the Central Bank of Brazil and the Ministry of Finance, utilizing high-security cold wallets and strictly monitored by blockchain and AI technologies.