Brazil's 'Strategic Bitcoin Reserve Bill' has passed the first committee review. The bill was proposed by Brazilian Federal Deputy Eros Biondini, numbered 'PL 4501/2023 or PL 4501/2024'.
The bill proposes to establish a 'sovereign strategic Bitcoin reserve', allowing Brazil to allocate up to 5% of its foreign exchange reserves to Bitcoin. If the bill is ultimately approved, Brazil will become the second country in Latin America, after El Salvador, to legally establish a Bitcoin reserve. The bill will next undergo review by committees on technical, constitutional, and financial matters, and will then require a full vote in the House of Representatives, approval by the Senate, and the President's signature before it can officially become law.
