Brazil’s National Bitcoin Reserve Proposal
Later this month, Brazilian lawmakers will gather in Parliament to discuss a groundbreaking proposal regarding the establishment of a national Bitcoin reserve. This meeting, scheduled for August 20, marks a significant milestone, as it represents the first time such a topic will be deliberated publicly in this legislative chamber.
Details of the Proposal
The initiative, spearheaded by pro-cryptocurrency legislator Eros Biondini, was initially proposed in November 2024 and aims to enable Brazil’s Treasury to enhance its asset portfolio by investing in Bitcoin (BTC) along with other secure cryptocurrencies.
The Chamber of Deputies’ Economic Development Commission has been reviewing the proposal since late June, prompting calls from legislators, including Luiz Philippe de Orleans e Bragança, for a dedicated public hearing to explore the potential benefits and challenges associated with creating a Brazilian strategic Bitcoin reserve.
Public Hearing Details
Set to occur in Annex II of the Chamber of Deputies in Brasília at 4 PM local time, the hearing will likely feature a range of stakeholders. While the list of attendees has yet to be officially disclosed, reports from Livecoins suggest that Diego Kolling, who leads the Bitcoin strategy department at the Brazilian payment processor Méliuz, is expected to participate. The firm has plans to invest heavily in creating its own Bitcoin treasury.
Additionally, Rubens Sardenberg, the Chief Economist at FEBRABAN, Brazil’s largest banking federation, is also set to join the discussion, alongside representatives from key institutions such as the Brazilian Cryptoeconomics Association (ABcripto), the Central Bank, as well as the Ministries of Finance and Industry.
Challenges Ahead
Livecoins has noted that the scheduling of this public hearing underscores the critical importance of the discussion around the formation of a Bitcoin reserve for Brazil.
However, the path to enacting this proposal is fraught with hurdles, as it still requires legislative approval. After the Chamber of Deputies votes on the draft, it will need to pass through the Senate and ultimately gain the President’s endorsement.
Earlier in June, Biondini also introduced a separate proposal aimed at eliminating taxes on long-term cryptocurrency investments, further emphasizing the government’s engagement with the crypto sector.
