According to TechFlow TechFlow, on February 13th, documents from the Brazilian Congress revealed that the Brazilian Chamber of Deputies' Economic Development Committee is reviewing a proposal for a Bitcoin strategic reserve (Bill 4501/2024). This proposal aims to establish a "Bitcoin Sovereign Strategic Reserve" (RESBit), with a plan to acquire 1 million Bitcoins within 5 years to diversify the national treasury's assets.
The bill's main provisions include: allowing tax payments in Bitcoin, exempting Bitcoin transactions from capital gains tax, guaranteeing users' self-custody rights, ensuring transaction privacy, and repealing the existing Federal Tax Regulation No. 1888/19. The reserve will be maintained by the Brazilian Treasury and stored using security measures such as cold wallets and multi-signature authentication.
Reporter Luiz Gastão, a lawmaker, stated that the proposal would give Brazil an "asset that is immune to inflation and third-party foreclosures" and provide long-term sustainable support for public debt.
