The Brazilian Chamber or Deputies Economic Development Commission will hold its first hearing on 20 August to investigate a proposal to set up a Bitcoin Strategic Reserve (RESBIT) worth a maximum of $ 18.6 billion.
As AGência Câmara de Notícias reportedThe 3 p.m. ET session will collect technical perspectives on Bill 4501/24, which wants to modernize the treasury management of Brazil and want to improve competitiveness in the global digital economy.
Deputy Luiz Philippe De Orleans e Bragança asked the hearing to collect expert analysis of government agencies and financial institutions with regard to the Resbit proposal.
The legislation is intended to diversify the Treasury assets of Brazil and to protect international reserves against exchange rate fluctuations and geopolitical risks.
Confirmed speakers include Diego Kolling, head of Bitcoin strategy on Méliuzand Julia Rosim, coordinator of Abcripto Policy Working Group and Bitso head of public policy.
Legislative framework and market context
Legislator Eros Biondini introduced the legislation and quoted a successful blockchain integration by countries such as El Salvador, the United States, China, Dubai and the European Union.
The bill allocates the responsibilities of guardianship to the Central Bank and the Financial Ministry of Brazil and requires biennial reports on resB performance and risk assessments.
Brazil leads Latin -America in the acceptance of crypto and is in 10th place worldwide according to the geography of chainalysis of the Crypto report 2024.
According to data from the Brazilian tax authorities, the country traded nearly $ 76 billion in crypto last year.
The proposal positions Brazil among countries that investigate digital assets reserves as coverings against traditional currency.
Commission -Assessment process and approval requirements
After the hearing on 20 August, the proposal introduces a convincing analysis by four Chamber Committees: Economic Development, Science Technology and Innovation, Finance and Taxes and Constitutional Law and Citizenship.
Each committee must approve the legislation before he continues to consider the entire Chamber.
The bill requires approval from both the Chamber of Representatives and the Senate to become a law, which sets up an extensive legislative assessment process for the Bitcoin Reserve proposal.
Technical input from the hearing will inform the evaluations of the committee and possible texts during the assessment phases.
Orleans E Bragança is looking for perspectives from monetary authorities, government officials, representatives of the banking system and experts of the subject to refine the proposal text.
The representative noted that the importance of collecting technical analysis of the Central Bank before the Commission -Markup sessions begin to perfect the legislation.