Brazil Moves Closer to Holding Bitcoin in National Reserves: Strategic Bitcoin Reserve Bill Passes First Committee in Chamber

Brazil is taking a significant step toward integrating Bitcoin into its sovereign financial strategy.

Brazil is nearing a historic turning point in its financial legislation, potentially becoming the first major Latin American country to include Bitcoin in its national treasury.

The proposed Strategic Bitcoin Reserve Bill (Projeto de Lei No. 4.501/2024) has taken a critical step forward, clearing the Economic Development Committee in the Chamber of Deputies.

The bill, authored by Deputy Eros Biondini and reported by Deputy Luiz Gastão, aims to establish a “Sovereign Strategic Bitcoin Reserve” under federal government management.

This move, if completed, would place Brazil in the company of countries like Argentina and Vietnam, which are exploring or integrating BTC into their macroeconomic strategies.

The bill's approval in committee marks an early but crucial milestone, setting the stage for further debate and vote in the Chamber of Deputies. The text also proposes a framework for BTC custody and regulatory supervision linked to national interests.

The legislation is being closely watched as Brazil, a regional economic powerhouse, navigates the implications of a decentralized monetary system.

The bill's journey through Brazil's Congress comes amid a global narrative of countries re-evaluating their monetary diversification options due to persistent inflation and geopolitical shifts.

If the bill passes both legislative chambers and receives the president's signature, it could have far-reaching consequences for Brazil's financial system and its role in the evolving cryptocurrency landscape.