Brazil’s legislative body has moved forward with the Bitcoin Reserve Bill, proposing the allocation of up to 5% of the nation’s foreign exchange reserves to Bitcoin. The initiative aims to establish a Sovereign Strategic Bitcoin Reserve, marking a significant shift in national economic policy.
The bill, identified as PL 4501/2023 or PL 4501/2024, successfully passed its initial committee evaluation stage. Pedro Giocondo Guarà , Chief of Staff to Brazil’s Vice President, endorsed the measure by describing Bitcoin as the ‘gold of the internet’ and emphasizing its critical role in strengthening national economic resilience against global financial volatility.
If ratified, Brazil would become the second Latin American country after El Salvador to hold Bitcoin as an official reserve asset. This development represents a major milestone in regional cryptocurrency adoption and aligns with Brazil’s broader strategy to diversify financial reserves and embrace digital asset innovation.