According to ChainCatcher, the Brazilian Chamber of Deputies' website recently submitted a bill titled RESbit, a proposed alternative to a strategic sovereign Bitcoin reserve. The bill proposes that Brazil accumulate at least 1 million Bitcoins over five years as a national strategic reserve asset through planned, phased acquisitions.
The submitted bill significantly expands the scope of the previous bill's provision to use 5% of foreign exchange reserves to purchase Bitcoin. The draft also includes a ban on the sale of judicially seized Bitcoin, acceptance of Bitcoin for federal tax payments, and incentives for Bitcoin mining and holding companies. If passed, Brazil's 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.
