Brazil's lower house to hold hearing on creating national Bitcoin reserve

Key Points

1. Brazil’s House of Representatives will hold a hearing on Aug. 20 to discuss a bill allowing up to 5% of the central bank’s reserves (approximately $15 billion) to be allocated to Bitcoin.

2. The bill, introduced in November 2024, seeks to promote blockchain technology in both public and private sectors.

3. Pedro Giocondo Guerra, chief of staff to Vice President Geraldo Alckmin, supports the idea, calling Bitcoin 'the digital gold, the gold of the internet.'

4. Brazil’s central bank director of monetary policy, Nilton David, has expressed reservations about the proposal.

5. Other countries like the U.S., China, and El Salvador have also explored or implemented Bitcoin reserves.