A significant cryptocurrency initiative has surfaced within Brazil’s House of Representatives. The Economic Development Commission has introduced an alternative version of bill PL4501/2024, proposing the creation of a “National Bitcoin Strategic Reserve” (RESBit).
The proposal outlines the government’s intention to steadily acquire at least 1 million BTC over a five-year period. This move aims to bolster Brazil’s financial stability, diversify its reserves, and strengthen its position in the global digital asset market.
RESBit is envisioned as a strategic reserve that would serve either as an alternative or complement to conventional foreign currency and gold holdings.
Beyond establishing this reserve, the proposal also seeks to broadly support the cryptocurrency ecosystem by:
- Permitting tax payments using Bitcoin;
- Offering income tax exemptions on capital gains derived from digital assets;
- Legally securing essential digital property rights for users, including asset storage and unrestricted transfer rights.
If implemented, Brazil could pioneer state-level Bitcoin accumulation in Latin America, potentially ushering in a new era for regional crypto adoption. Although currently under committee review, this bill must still receive approval from both the House of Representatives and Senate before becoming law.
*This information does not constitute investment advice.