The Brazilian Congress is moving towards a financial revolution with the introduction of a bill that proposes the creation of a Sovereign Strategic Reserve of Bitcoin (RESBit). This initiative, presented on November 25 by Congressman Eros Biondini, seeks to diversify the country’s sovereign reserves through the inclusion of Bitcoin, inspired by successful models such as that of El Salvador.
Presentation of the bill with the objective of creating a Strategic Bitcoin reserve in Brazil.
What is RESBit and how would it work?
The legislative proposal highlights the following objectives of the RESBit:
The Central Bank of Brazil would manage the assets through Blockchain technologies and artificial intelligence, with the support of a technical committee specialized in security and governance.
Inspiration in El Salvador
The project mentions the experience of El Salvador as a model to follow. In 2021, the Central American country made Bitcoin legal tender alongside the US dollar, promoting financial inclusion and attracting foreign investment.
Since then, El Salvador has acquired nearly 6,000 BTC, valued at $542 million as of November 26, 2024. According to the draft Brazilian law, Bitcoin has allowed El Salvador to diversify its economy and strengthen its financial position over recent years. years.
Regulations and sanctions
The bill includes strict provisions to ensure transparency and proper use of the RESBit. In case of mismanagement or non-compliance, those responsible could face administrative and criminal sanctions.
Brazil and the regulation of digital assets
Brazil has shown significant commitment to digital asset regulation. In June 2023, it implemented a legal framework that grants the Central Bank the authority to supervise services related to virtual assets. Furthermore, tokens considered securities remain under the jurisdiction of the country’s Securities Commission.
Next steps
Currently under review by the President of the Chamber of Deputiesthe project will be debated in the relevant committees before its final approval.
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