Brazilian Central Bank Opposes Bitcoin as Strategic Reserve, Claims High Volatility Affects Credibility of Monetary Policy

According to HashKey News, it has been reported that the Brazilian House of Representatives discussed Bill No. 4501/2024 at a hearing, which plans to allocate up to 5% (approximately $16.4 billion) of international reserves to Bitcoin, managed by the Central Bank and the Ministry of Finance. In response, the Brazilian Central Bank expressed opposition, stating that Bitcoin's high volatility could affect the credibility of monetary policy. The bill is still awaiting further review.