Key Notes
- Brazilian lawmakers seek to diversify national treasury assets through Bitcoin reserves to protect against currency fluctuations.
- The proposed legislation confuses Bitcoin terminology with general cryptocurrency references throughout official documentation.
- Only two of six invited institutions have confirmed attendance for the crucial policy discussion meeting.
On August 20, the Economic Development Committee (Comissรฃo de Desenvolvimento Econรดmico, in Portuguese) of the Brazilian House of Representatives (Cรขmara dos Deputados, in Brazil) will host a public hearing with cryptocurrency experts and industry leaders to discuss the implementation of what is being called a โSovereign Strategic Reserve of Bitcoinsโ (Reserva Estratรฉgica Soberana de Bitcoins) by the Federal Government.
The public hearing is being summoned via Requirement 39/2025 of the Committee (REQ 39/2025 CDE), authored by Luiz Philippe de Orleans e Braganรงa, a Brazilian Representative. According to the politician, bill number 4501 of 2024 (PL 4501/2024) is being processed in the House, but requires improvement.
โWe understand that it is essential to gather the monetary authorityโs technical perspective on this bill with a view to improving the text,โ writes Luiz Philippe de Orleans e Braganรงa in the official requirement.
As of this writing, only two out of six guests have confirmed their attendance, including Rubens Sardenberg, Chief Economist of the Brazilian Federation of Banks (FEBRABAN). Unconfirmed institutions seen in the list are: Brazilian Cryptoeconomics Association (Abcripto); Central Bank of Brazil (BACEN); Ministry of Finance (MF); and Ministry of Development, Industry, Commerce and Services (MDIC).
The Sovereign Strategic Reserve of Bitcoins Bill (PL 4501/2024)
The bill (PL 4501/2024) was initially proposed on November 25, 2024, by Brazilian Representative Eros Biondini. It aims to establish a โSovereign Strategic Reserve of Bitcoins,โ which Biondini calls โRESBit.โ
Notably, the goal is to โdiversify the financial assets of the National Treasury, protect international reserves against exchange rate fluctuations and geopolitical risks, and promote the use of blockchain technologies in the public and private sectors.โ
One interesting aspect of the wording used in the official document is the use of โbitcoinโ and โbitcoinsโ interchangeably with โcryptocurrencyโ and โcryptocurrencies,โ referring to them as if they were the same thing. For example, when mentioning โ(โฆ) research and development of technologies related to blockchain and bitcoins in Brazil,โ or the โacquisition and management of bitcoins, prioritizing consolidated assets with recognized technology.โ
Using โconsolidated assetsโ together with โbitcoinsโ is key to understanding the confusion from the author of the billโa fact noticed as the author of this Coinspeaker story writes from Brazil and is a native Portuguese speaker.
Overall, the public hearing could help educate lawmakers and other key decision-makers in the country. However, whether Brazil will implement a โSovereign Strategic Reserve of Bitcoinsโ and cryptocurrencies is yet to be decided.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Vini Barbosa has covered the crypto industry professionally since 2020, summing up to over 10,000 hours of research, writing, and editing related content for media outlets and key industry players. Vini is an active commentator and a heavy user of the technology, truly believing in its revolutionary potential. Topics of interest include blockchain, open-source software, decentralized finance, and real-world utility.
