The House of Representative of Brazil will hold a hearing on August 20 to discuss a bill that suggests the creation of a national bitcoin reserve in the country.
According to On the House website, at least six institutions participated, including the Central Bank of Brazil, the Ministry of Finance, a crypto advocacy association and representatives from FinTech companies and banking sectors.
The Bill. In the thought The total Central Bank reserve of nearly $ 300 billion in February.
According to the bill, the cryptocurrency reserve will “protect international reserves against the change of exchange rates and geopolitical risks” and “promote the use of blockchain technologies in the public and the private sector.”
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If approved by lawmakers in the Chamber, the law would go to the Senate, the upper room in Congress, before being signed by the law or vetoed by Brazil President Luiz Inácio ‘Lula’ da Silva.
The idea of a Bitcoin reserve in the country was addressed by a mix of response.
“The dispute over the creation of a Sovereign Bitcoin reserve is in public interest and is important to Brazil’s prosperity,” Pedro Giocondo Guerra, head of staff to Vice President Geraldo Alckmin, said in March, According to In a translated statement cited by Poder360. “After all, Bitcoin is the digital gold, the gold of the Internet.”
However, Brazil’s Central Bank Director of Monetary Policy, Nilton David, has been reported Says It is not advisable to include crypto assets in foreign exchange reserves.
Related: Donald Trump to proceed to Bitcoin Reserve ‘in short order’ – Bo Hines
National Bitcoin reserves in other countries
After US president Donald Trump Signed an Executive Order In March to create a national strategic bitcoin reserve, the other countries followed the suit or speculation that would form themselves.
In June, a government news agency announced that Kazakhstan plans to start a strategic bitcoin reserve, likely from the seized coins. The other countries with the speculation -haka a bitcoin reserve included India and Sweden.
In the descend Hold the most -bitcoin The United States, China, the United Kingdom, Ukraine, Bhutan and El Salvador.
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