Key Notes
- Brazilian lawmakers seek to diversify national treasury assets through Bitcoin reserves to protect against currency fluctuations.
- The proposed legislation confuses Bitcoin terminology with general cryptocurrency references throughout official documentation.
- Only two of six invited institutions have confirmed attendance for the crucial policy discussion meeting.
On August 20, the Economic Development Committee (Comissão de Desenvolvimento Econômico, in Portuguese) of the Brazilian House of Representatives (Câmara dos Deputados, in Brazil) will host a public hearing with cryptocurrency experts and industry leaders to discuss the implementation of what is being called a “Sovereign Strategic Reserve of Bitcoins” (Reserva Estratégica Soberana de Bitcoins) by the Federal Government.
The public hearing is being summoned via Requirement 39/2025 of the Committee ( REQ 39/2025 CDE ), authored by Luiz Philippe de Orleans e Bragança, a Brazilian Representative. According to the politician, bill number 4501 of 2024 (PL 4501/2024) is being processed in the House, but requires improvement.
“We understand that it is essential to gather the monetary authority’s technical perspective on this bill with a view to improving the text,” writes Luiz Philippe de Orleans e Bragança in the official requirement.
As of this writing, only two out of six guests have confirmed their attendance , including Rubens Sardenberg, Chief Economist of the Brazilian Federation of Banks (FEBRABAN). Unconfirmed institutions seen in the list are: Brazilian Cryptoeconomics Association (Abcripto); Central Bank of Brazil (BACEN); Ministry of Finance (MF); and Ministry of Development, Industry, Commerce and Services (MDIC).
The Sovereign Strategic Reserve of Bitcoins Bill (PL 4501/2024)
The bill ( PL 4501/2024 ) was initially proposed on November 25, 2024, by Brazilian Representative Eros Biondini. It aims to establish a “Sovereign Strategic Reserve of Bitcoins,” which Biondini calls “RESBit.”
Notably, the goal is to “diversify the financial assets of the National Treasury, protect international reserves against exchange rate fluctuations and geopolitical risks, and promote the use of blockchain technologies in the public and private sectors.”
One interesting aspect of the wording used in the official document is the use of “ bitcoin ” and “bitcoins” interchangeably with “cryptocurrency” and “cryptocurrencies,” referring to them as if they were the same thing. For example, when mentioning “(…) research and development of technologies related to blockchain and bitcoins in Brazil,” or the “acquisition and management of bitcoins, prioritizing consolidated assets with recognized technology.”
Using “consolidated assets” together with “bitcoins” is key to understanding the confusion from the author of the bill—a fact noticed as the author of this Coinspeaker story writes from Brazil and is a native Portuguese speaker.
Overall, the public hearing could help educate lawmakers and other key decision-makers in the country. However, whether Brazil will implement a “Sovereign Strategic Reserve of Bitcoins” and cryptocurrencies is yet to be decided.
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