Members of Brazil’s House of Representatives are set to meet on August 20 to consider a new proposal that would allow the country to invest part of its reserves in Bitcoin
$113,993.37
.
The hearing will include input from at least six groups, as listed on the official House website. These include the Central Bank of Brazil, the Ministry of Finance, a cryptocurrency advocacy group, as well as representatives from the banking and fintech industries.
The proposal, first introduced in November 2024, suggested using up to 5% of Brazil’s foreign reserves to buy Bitcoin. If applied to the roughly $300 billion held in reserves as of February, the total investment could reach about $15 billion.
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Supporters of the plan said the Bitcoin reserve would help reduce the impact of currency volatility and global uncertainty on Brazil’s holdings. They also noted that it would help push forward the use of blockchain technology across both government and business sectors.
If the proposal passes in the House, it will advance to the Senate for further discussion. From there, it would need final approval or rejection by President Luiz Inácio “Lula” da Silva.
In March, Pedro Giocondo Guerra, chief of staff to Vice President Geraldo Alckmin, called the discussion important for Brazil’s economic future. He described Bitcoin as “the digital gold, the gold of the internet,” according to a translated quote reported by Poder360.
Robert “Bo” Hines, the executive director of the US President’s Council of Advisers on Digital Assets, recently confirmed that the Trump administration still plans to grow a national Bitcoin reserve. What did he say? Read the full story.
