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Brazil’s Bitcoin Reserve Bill
Legislative Process of the RESBit Bill
The Brazil RESBit Bill (officially named PL 4501/2024) is the country’s pioneering legislative attempt to incorporate Bitcoin into its sovereign reserves on a global scale. This proposal was introduced by Congressman Eros Biondini on November 25, 2024, with the aim of addressing global economic uncertainty, currency fluctuations, and geopolitical risks.
According to the bill’s contents, it would allow the Central Bank of Brazil and the Ministry of Finance to invest up to 5% of the foreign exchange reserves (approximately $17.75 billion out of $355 billion) in Bitcoin, jointly supervised by the Central Bank and the Ministry of Finance. An artificial intelligence and blockchain technology-based monitoring system will be designed to ensure operational transparency and security.
If approved, Brazil would become the first G20 country to include Bitcoin in its sovereign reserves, with a total amount potentially reaching $17.75 billion, further advancing the legitimacy of cryptocurrencies globally.
According to Bitcoin News, the RESBit Bill has passed the first committee’s review.
This signifies that the bill has received preliminary approval, but there is still a long way to go before it officially becomes law. After passing the first committee’s review, it must subsequently be submitted to other committees for review (it must pass through at least three committees), and then finally be presented for a vote in the full House of Representatives. If passed in the House, the bill will proceed to the Senate to undergo a similar process before being decided upon by the President for signature or veto.
