Brazilian Congressman Eros Biondini has introduced a bill to establish a strategic Bitcoin reserve for the country. Known as the Bitcoin Sovereign Strategic Reserve (RESBit), the initiative aims to diversify Brazil’s Treasury while positioning the nation as a leader in the digital economy.
What Is RESBit?
RESBit, or the Reserva Estratégica Soberana de Bitcoins, proposes a gradual acquisition of Bitcoin, with plans to allocate up to 5% of Brazil’s national reserves to the cryptocurrency. The Central Bank of Brazil would oversee the purchase and management of these Bitcoin holdings.
Biondini highlighted the strategic importance of this move, writing, “The creation of RESBit is a strategic measure that positions Brazil as a leader in the new digital economy, reducing economic risks and expanding opportunities for technological and financial development.”
The bill is designed to align Brazil with global trends in innovation while strengthening economic sovereignty.
Why Bitcoin?
Brazil’s growing cryptocurrency market, ranked 10th globally by Chainalysis, supports the case for a Bitcoin reserve. Over recent months, the country has experienced a surge in crypto exports and stablecoin transactions. US dollar-pegged stablecoins accounted for nearly 70% of all crypto transactions in Brazil.
Bitcoin’s recent all-time price highs following the US election and the increasing adoption of digital assets worldwide have also reinforced its potential as a strategic asset.
Global Trends in Crypto Reserves
Brazil joins a growing number of nations exploring cryptocurrency reserves to integrate digital assets into their financial systems. As a BRICS member, Brazil has been proactive in engaging with cryptocurrencies like Bitcoin and Ripple (XRP). The country’s approach aligns with other nations that are adopting crypto to enhance economic resilience and technological advancement.
Globally, interest in Bitcoin from central banks and corporations continues to grow. While opposition exists, particularly in parts of Europe, many countries are moving forward with crypto-related initiatives. The United States is reportedly considering a similar program under President-elect Donald Trump, further signaling the mainstream adoption of digital assets.
If passed, the RESBit initiative could set a precedent for other countries to follow. By adopting Bitcoin as part of its national reserves, Brazil would demonstrate its commitment to innovation and financial diversification, paving the way for broader cryptocurrency integration in global finance.
