rewrite this title Will Brazil Create Bitcoin Reserves? – Metaverseplanet.net

Bitcoin (BTC) and cryptocurrencies continue to attract the attention of governments worldwide. In Brazil, a member of the House of Representatives has drafted a bill to create a Bitcoin reserve. This bill proposes establishing a national Bitcoin reserve that would account for 5% of the South American country’s international reserves.

Bitcoin Reserve Bill in Brazil

On Nov. 25, Eros Biondini, a member of Brazil’s Chamber of Deputies from the Liberal Party, submitted a bill to the federal legislature to create a BTC reserve called the Sovereign Strategic Bitcoin Reserve (RESBit). According to the bill, RESBit will account for 5% of the country’s international reserves and diversify its assets. Biondini argues that this reserve will also support DREX, Brazil’s central bank digital currency (CBDC).

The draft law stipulates that RESBit will be managed jointly with the Central Bank of Brazil and the Ministry of Finance, and that it will be stored in cold wallets that are not connected to the internet for increased security.

In the text of the draft law, Biondini explains the strategic importance of establishing RESBit in the following words: “The establishment of RESBit is a strategic measure that positions Brazil at the forefront of the new digital economy, reduces economic risks, and expands opportunities for technological and financial development.”

Part of the bill includes efforts to increase financial literacy for digital assets. Accordingly, training programs will be organized to inform the public about digital assets, especially cryptocurrencies.

Brazil has entered the world of digital assets with its CBDC, DREX. Additionally, the country is conducting studies on artificial intelligence technologies.

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