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Brazil will hold the first hearing on the proposed $19 billion Bitcoin Strategic Reserve.
The Brazilian House of Representatives will hold a hearing on August 20th to consider the proposal to establish the Bitcoin Strategic Reserve Fund (RESBit) worth up to 18.6 billion USD. Bill 4501/24 aims to modernize treasury management, diversify reserve assets, and protect the economy against exchange rate fluctuations and geopolitical risks.
The proposal initiated by Congressman Eros Biondini assigns the Central Bank and the Ministry of Finance to manage the fund, while also requiring biannual reports on its effectiveness and risks. The speakers in attendance included representatives from Méliuz, ABcripto, and Bitso.
Brazil currently leads Latin America in cryptocurrency adoption and ranks 10th globally, with a transaction value of nearly 76 billion USD in 2023. After the hearing, the bill will be evaluated by four House committees before being presented to the full chamber and passed by the Senate to become law.