🇧🇷📈 Brazil Proposes a Sovereign Bitcoin Reserve (RESBit) 🇧🇷📈

Tomorrow, August 20, the Brazilian Congress will be the epicenter of a discussion that could mark a turning point in the country's economic policy 🇧🇷🪙.

🧠 What is being proposed?

Bill 4501/2024, promoted by Congressman Eros Biondini, proposes the creation of a sovereign strategic bitcoin reserve, called RESBit. The idea is to invest up to 5% of Brazil's international reserves (about 17 billion dollars) in BTC.

🎯 Objectives of the project

• Diversify reserves against financial crises and geopolitical risks.

• Shield the economy against fluctuations in the dollar and other traditional assets.

• Promote innovation and position Brazil as a leader in financial technology.

• Back the digital real (drex) with BTC as a strategic asset.

🔐 Security and transparency

• Custody in cold wallets with decentralized protocols.

• Semiannual reports to Congress and society.

• Use of artificial intelligence for reserve management.

⚠️ And the criticisms?

The Central Bank of Brazil has expressed reservations about the proposal, questioning its viability and associated risks.

If approved, Brazil could acquire more than 147,000 BTC at the current price, making it one of the largest institutional holders in the world. Can you imagine the impact on the crypto ecosystem and the global narrative?

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