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Brazil's Bitcoin Reserve Bill passes the first round of review, allowing up to 5% of forex reserves to be converted into BTC.
On June 17, according to reports, Brazil’s Bitcoin Reserve Bill “PL 4501/2023 or PL 4501/2024” has passed the review of the first committee. The bill proposes to establish a “Sovereign Strategic Bitcoin Reserve”, allocating up to 5% of forex reserves to Bitcoin. Once implemented, Brazil will become the second Latin American country to establish a legal BTC reserve after El Salvador.
Pedro Giocondo Guara, Chief of Staff to the Vice President of Brazil, stated in March that the “strategic sovereign Bitcoin reserves” are crucial for national prosperity and are a matter of public interest, referring to Bitcoin as the “gold of the internet.”