Brazil Advances with Bitcoin Reserve Bill in the Legislative Process

According to BlockBeats, Brazil's Bitcoin Reserve Bill, known as "PL 4501/2023 or PL 4501/2024," has successfully passed its first review in the committee. The proposed legislation aims to establish a "sovereign strategic reserve of Bitcoin," allocating up to 5% of the country's foreign exchange reserves in Bitcoin. If implemented, Brazil would become the second nation in Latin America, after El Salvador, to legally establish a Bitcoin reserve.

Pedro Giocondo Guara, Chief of Staff to the Vice President of Brazil, emphasized in March that a "sovereign strategic reserve of Bitcoin" is crucial for the nation's prosperity and is a matter of public interest, referring to Bitcoin as "the gold of the internet."