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On August 20, Brazil will have a hearing to discuss the establishment of a Strategic Bitcoin (BTC) Reserve on a national level. The session will embrace Bill 4.501/2024 that suggests the creation of a BTC Reserve under the government at the federal level.
Brazilian Lawmakers to Debate Strategic Bitcoin Reserve in First Public Hearing on August 20
According to a local media report, the Strategic Bitcoin Reserve bill was introduced by Deputy Eros Biondini in November 2024. It has since been transferred to the Economic Development Commission for discussion.
A request for a public hearing was made by Deputy Luiz Philippe de Orleans e Bragança in late June. The hearing is now confirmed and will take place in Plenary 5 of Annex II at the Chamber of Deputies in Brasília.
This will be the first formal debate on whether Brazil should diversify its government-held reserves by including Bitcoin. The event is open to public and expert participation, with several key figures already confirmed.
Diego Kolling, who leads Bitcoin strategy at Méliuz, and Rubens Sardenberg of the Brazilian Federation of Banks have both agreed to attend. Invitations were also extended to representatives from the Central Bank of Brazil, the Ministry of Finance, and the Ministry of Development, Industry, Commerce, and Services.
However, confirmation is pending from some officials like Guilherme Mello and Nilton José Schneider David. Discussions about a BTC reserve strategy by the U.S. have also commenced.
Recently, the Digital Assets Director for the U.S. Bo Hines confirmed that the Strategic Bitcoin Reserve is still on track. He explained that it is a process that requires significant time and effort to ensure its longevity and success.
The result of such a hearing could decide whether the bill clears approval from the legislative before it reaches Congress. If passed, it would require presidential sanction to become law.
Lawmakers consider this a historic chance to modernize Brazil’s financial reserve system. The public hearing will begin at 4:00 p.m. local time on the said date.
Nations Rethink Reserves to Include Bitcoin
Observers say the debate over a Strategic Bitcoin Reserve may shape Brazil’s role in the digital asset era. Other governments worldwide are also reassessing their asset diversification strategies. This also includes a Strategic Bitcoin Reserve approach.
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Paul
Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
He holds a degree in Geophysics from OAU, Nigeria. When he’s not writing, he loves watching soccer and reading educative journals.
He can be reached via [email protected]
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