The Brazilian Congress has proposed establishing a strategic Bitcoin reserve, with a plan to accumulate 1 million BTC within 5 years.

According to Mars Finance, on February 13th, a bill titled RESbit, an alternative to a strategic sovereign Bitcoin reserve, was officially 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 scale 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 Bitcoins, acceptance of Bitcoin for federal tax payments, and incentives for Bitcoin mining and holding companies. If passed, Brazil's Bitcoin holdings are expected to surpass those of the United States and China. Currently, the bill still needs to address the limitations of existing central bank regulations, as current central bank regulations do not consider the use of Bitcoin as a reserve asset.