BRAZIL’S CENTRAL BANK REJECTS NATIONAL BITCOIN RESERVE PROPOSAL

Brazil’s Central Bank Director, Nilton David, has dismissed a legislative proposal to allocate 5% of the country’s international reserves to Bitcoin, stating such diversification would be inappropriate.

Simultaneously, the National Monetary Council (CMN) has prohibited closed pension funds from investing in cryptocurrencies, citing concerns over volatility and associated risks.

These decisions contrast with earlier support from government officials advocating for a sovereign Bitcoin reserve to enhance economic resilience.

Source: @CryptosR_us