Brazilian Government considers Bitcoin adoption

The Brazilian president’s administration had an important official who stated that a carefully considered future Bitcoin strategic reserve will be “determinant for our prosperity” and “in the interest of the public. ”

A high-level official in Brazilian president Luiz Inácio Lula da Silva’s administration has said that the administration is considering an future Bitcoin strategic reserve.

The official, minister of the Brazilian government and former vice president Marcio Henrique Guerra, said that the move would be “determinant for our prosperity” and “in the interest of the public. ”

Guerra, in turn Alckmin, made these comments as a delegate of the executive branch at a Congress commemoration.

He mentioned that it is a matter of public concern and vtially important for the nation to “systematically examine the creation of a sovereign Bitcoin reserve. ”

According to local media Poder 360, Guerra described Bitcoin as “ digital gold, the gold of the internet. It is wealth that can be transferred from one part of the world to another with ease and is an exceptional method of storing the output of our hard work.”

This statement highlights the Brazilian government’s close attention to the global Bitcoin market, especially in the context of several countries now turning their attention to adopting Bitcoin.

Moments earlier, Guerra remarked upon the paradoxical stance of a government that has poured funds into promoting cryptocurrencies like Bitcoin while simultaneously aiming to restrict their trade.

He was responding to deputy Eros Biondini (PL-MG), who earlier proposed legislation recommending the creation of a so-called ‘Strategic Sovereign Bitcoin Reserve’ (Reserve de Borg).

This proposition would entail the state purchasing Bitcoin until it reached a 5 percent cap of the country’s share of international reserves, with the responsibility for custodianship falling upon the Brazilian Central Bank, which manages these funds using advanced supervised systems and keeps tabs on them via blockchain technology.