According to Foresight News , a bill titled RESbit, an alternative to Brazil's strategic sovereign Bitcoin reserves, has been formally submitted to the Brazilian Chamber of Deputies website. The bill proposes that Brazil accumulate at least 1 million Bitcoins as a national strategic reserve asset over five years through planned, phased acquisitions. This submitted bill significantly expands the scope of the previous bill's provision to use 5% of foreign exchange reserves to purchase Bitcoin.
The draft bill also includes a ban on the sale of judicially seized Bitcoin, acceptance of Bitcoin for federal tax payments, and incentives for companies mining and holding Bitcoin. If passed, Brazil's Bitcoin holdings could surpass those of the United States and China. Currently, the bill still faces limitations from existing central bank regulations, as current regulations do not consider Bitcoin as a reserve asset.
