#巴西提出国家比特币储备替代案 Brazil Plans to Buy 1 Million Bitcoins in 5 Years! BRICS Country's First "National-Level BTC Reserve + Tax Exemption + Tax Payment" Legislation Unveiled

On February 13, 2026, the Brazilian House of Representatives' Economic Development Committee (Comissão de Desenvolvimento Econômico, CDE) is indeed advancing legislation regarding a national-level Bitcoin strategic reserve, having submitted an alternative bill (substitutivo) that reflects a more aggressive and comprehensive policy direction than the initial version. Below is a systematic overview and analysis of the key points:

1. Legislative Evolution Timeline
- November 25, 2024: Congressman Eros Biondini proposed Bill PL 4501/2024, officially suggesting the establishment of RESBit (Reserva Estratégica Soberana de Bitcoin), aiming to include Bitcoin in the national foreign exchange reserve system, with a cap of 5% of international reserves (based on approximately $355 billion in reserves at the time, roughly $175–$186 billion).
- August 20, 2025: CDE held its first public hearing, inviting the central bank, Ministry of Finance, crypto industry associations, and others. Discussions covered technical architecture, AI risk control, audit transparency, and potential synergy with the central bank digital currency DREX. However, the Central Bank of Brazil clearly expressed opposition, citing concerns that Bitcoin's high volatility (annualized volatility around 45%) could threaten reserve security.
- February 9, 2026: CDE submitted a revised alternative bill with significant expansion, moving beyond the "reserve asset" role to build a national Bitcoin ecosystem support framework.

2. Core Provisions of the February 2026 Version

Clarified Procurement Goals
- Plan to purchase at least 1 million Bitcoins over five years (at current market prices about $117,000 per BTC, totaling over $117 billion), far exceeding the previous 5% reserve cap. If realized, this would make Brazil the world's largest official Bitcoin holder, surpassing even the US (about 200,000 BTC) and El Salvador (about 6,000 BTC) combined by multiple times.

Prohibition on Selling Seized Bitcoin
- Explicitly bans the government from selling Bitcoin confiscated through law enforcement actions (such as anti-money laundering, drug enforcement, tax audits), requiring transfer into the national reserve wallet (REPE) for unified management. This aims to prevent asset undervaluation, enhance the sustainability of reserve accumulation, and echoes Trump's 2025 executive order to convert forfeited BTC into a national strategic asset.

Tax Incentives
- Allows citizens and businesses to pay part of their taxes using Bitcoin (possibly initially piloting municipal or federal specific taxes). Capital gains on digital assets (especially Bitcoin) are exempt from income tax, encouraging long-term holding and attracting global crypto capital inflows.

Emphasis on User Sovereignty and Freedom
- The bill explicitly guarantees self-custody rights and permissionless transfers, avoiding controversies seen in some countries' CBDC implementations that restrict private wallets. This stance aligns with Brazil's 2023 "Virtual Asset Regulatory Framework," which emphasizes "technological neutrality and protecting innovation."

3. Practical Challenges and Controversies

Central Bank Strong Opposition
- Brazil's central bank considers the plan "lacking macroprudential basis," potentially causing exchange rate instability, capital flight risks, and weakening monetary policy independence.

Fiscal Feasibility Doubts
- Purchasing 1 million BTC requires enormous foreign exchange expenditure. Given the current fiscal deficit, funding strategies (such as utilizing foreign reserves or issuing special bonds) remain unclear.

International Reactions
- If BRICS countries (like Russia, South Africa, India) follow suit in acquiring Bitcoin, it could form a new alliance of "de-dollarization + digital assets," but also face regulatory pressure from the IMF and G7.

4. Geopolitical Significance
- If ultimately approved, this legislation would mark:
- Brazil shifting from "cautious regulation" to "actively embracing Bitcoin as a national strategic tool."
- The world's first major economy to deeply integrate Bitcoin into fiscal, tax, and reserve systems.
- A structural challenge to US dollar hegemony, especially influencing Latin America and the Global South.
Currently, the alternative bill is still under committee review and has not yet been submitted for full chamber voting. However, its radical nature indicates that the camp supporting "Bitcoin sovereignty" within Brazilian political forces is growing.
Next steps to watch: whether the Ministry of Finance shifts its stance; whether bipartisan support is secured; whether the central bank can propose a compromise (such as small-scale reserve pilots).
If the bill is enacted, 2026 could become the year of national Bitcoin adoption.