Brazil Advances Bitcoin Reserve Bill to Allocate 5% of Foreign Exchange Reserves to BTC

According to recent reports from COINOTAG News and Bitcoin News, Brazil’s legislative body has advanced the Bitcoin Reserve Bill, identified as PL 4501/2023 or PL 4501/2024, through its initial committee evaluation. This legislation aims to create a Sovereign Strategic Bitcoin Reserve, permitting the allocation of up to 5% of the nation’s foreign exchange reserves into Bitcoin. If ratified, Brazil will join El Salvador as the only Latin American countries with an official Bitcoin reserve, marking a significant development in regional crypto adoption.

Pedro Giocondo Guará, Chief of Staff to Brazil’s Vice President, emphasized the strategic importance of this reserve, describing it as a pivotal factor for national economic resilience and public interest. He notably referred to Bitcoin as the “gold of the internet,” underscoring its perceived value as a digital asset and store of value within Brazil’s broader financial strategy.