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19h ago

Brazil Opens First Hearing on $18.6 Billion Bitcoin Strategic Reserve Proposal

Lawmakers are gathering technical input to assess a plan to diversify national reserves with bitcoin ahead of a multi-committee review.

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Brazil to hold first hearing on a $19B sovereign Bitcoin reserve
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Overview

  • The Chamber of Deputies’ Economic Development Commission is holding an Aug. 20 hearing on Bill 4501/2024 to consider a Bitcoin Strategic Reserve capped at 5% of Treasury assets, or about $18.6 billion.
  • The proposal assigns joint custody of any bitcoin holdings to the Central Bank of Brazil and the Ministry of Finance and requires biannual public reports on performance and risk.
  • Confirmed speakers include Diego Kolling of Méliuz and Julia Rosim of ABCripto/Bitso, with officials from the Central Bank and Finance Ministry expected to provide technical perspectives.
  • After the hearing, the measure faces conclusive analysis by four committees—Economic Development; Science, Technology and Innovation; Finance and Taxation; and Constitution, Justice and Citizenship—before votes in the full Chamber and the Senate.
  • Backers frame the reserve as a diversification tool against currency volatility and geopolitical risk, noting Brazil’s strong crypto footprint, including a global top-10 adoption rank and roughly $76 billion in trading last year.