BlockBeats reports that on June 17, according to Bitcoin News, the Brazilian Bitcoin Reserve Bill 'PL 4501/2023 or PL 4501/2024' has passed the first committee review. The bill proposes to establish 'sovereign strategic Bitcoin reserves,' allocating up to 5% of foreign exchange reserves to Bitcoin. Once implemented, Brazil will become the second Latin American country to establish legal BTC reserves, following El Salvador.
Pedro Giocondo Guara, Chief of Staff to the Vice President of Brazil, stated in March that the 'strategic sovereignty Bitcoin reserves' are crucial for national prosperity and are a matter of public interest, referring to Bitcoin as 'the gold of the internet.'
