Brazil's Bitcoin Reserve Bill Passes First Committee Review

Brazil's Bitcoin Reserve Bill, “PL 4501/2023 or PL 4501/2024,” has passed its first committee review. The bill proposes the establishment of a “sovereign strategic Bitcoin reserve,” allocating up to 5% of the country's foreign exchange reserves to Bitcoin. Once enacted, Brazil will become the second Latin American country after El Salvador to legally establish a BTC reserve. In March, Pedro Giocondo Guará, Chief of Staff to the Vice President of Brazil, stated that a “strategic sovereign Bitcoin reserve” is crucial to national prosperity and a matter of public interest, referring to Bitcoin as “gold on the internet.”