Brazil to Hold Hearing on $18.6 Billion Bitcoin Reserve Proposal

Brazil’s Chamber of Deputies Economic Development Commission is set to hold its first public hearing on August 20 to evaluate a proposal for a Bitcoin Strategic Reserve (RESBit) valued at up to $18.6 billion.

The initiative, outlined in Bill 4501/24, seeks to modernize treasury management while strengthening Brazil’s resilience against exchange rate volatility and geopolitical risks.

The session, scheduled for 3 P.M. ET, was requested by Deputy Luiz Philippe de Orleans e Bragança to gather input from financial experts, government agencies, and industry representatives. Confirmed speakers include Diego Kolling, head of Bitcoin strategy at Méliuz, and Julia Rosim, coordinator of ABcripto’s policy working group and head of public policy at Bitso.

Legislative framework and strategy

The bill was introduced by lawmaker Eros Biondini, who pointed to the adoption of blockchain-based financial structures in regions such as El Salvador, the United States, China, Dubai, and the European Union. Under the proposal, Brazil’s Central Bank and Finance Ministry would be tasked with custody of the reserve and issuing biannual reports on its performance and risks.

Brazil’s crypto market strength

Brazil is already a regional leader in cryptocurrency adoption, ranking first in Latin America and 10th globally, according to Chainalysis’ 2024 Geography of Crypto report. Data from the Brazilian tax authority revealed that the country transacted nearly $76 billion in digital assets last year, underscoring its growing role in the global crypto economy.

If approved, the RESBit would place Brazil among a select group of nations exploring the use of Bitcoin reserves as a strategic hedge against traditional currency pressures and global financial uncertainties.

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