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Vice Presidential Advisor of Brazil Propose Strategic Bitcoin Reserve
Vice President Geraldo Alckmin's (PSB) chief of staff, Pedro Giocondo Guerra, stressed the need for a national strategic Bitcoin reserve on Wednesday. Guerra spoke while representing the administration of President Luiz Inácio Lula da Silva (PT) during the swearing-in ceremony of Deputy Júlio Lopes (PP-RJ), the new president of the FPBC.
“Debating the creation of a sovereign bitcoin reserve is in the public interest and will determine our prosperity. Bitcoin is internet gold.
A Strategic Bitcoin Reserve for Brazil?
His comments underscored Bitcoin's appeal—its digital scarcity and deflationary architecture, unlike conventional currencies that can be created.
In particular, Congressman Eros Biondini (PL-MG) submitted PL 4501/2024 to establish RESBit, a Sovereign Strategic Reserve of Bitcoins. Biondini said diversifying Brazil's overseas reserves is the main objective to protect it from currency swings and geopolitical uncertainty.
The legislation suggests limiting Bitcoin purchases to 5% of the country's $366 billion foreign reserves in December. If passed, Brazil might spend $18.3 billion in Bitcoin depending on the reserve's worth at the time of the law.
The Act describes how the Central Bank and Ministry of Finance will administer RESBit for transparency via biannual public and congressional reporting. The document also calls for educational and innovation initiatives including blockchain, crypto-economics, and cybersecurity courses and tax breaks for crypto-related firms.
The technical advisory council would include blockchain, digital economy, and cybersecurity specialists to maintain rigorous monitoring and promote engagement with international authorities and research institutes. El Salvador adopted Bitcoin as legal tender, the US approved BTC ETFs, China invested in blockchain and digital currency efforts, Dubai created a blockchain-friendly business environment, and the EU has a digital asset regulatory framework.
#MarketPullback #Brazil #GameStopBitcoinReserve $BTC