A bill proposing the acquisition of up to 1 million BTC has been introduced to the Brazilian Congress, significantly expanding a previous national strategic bitcoin reserve. The draft, which will need to be greenlit, would put Brazil among the countries holding the most bitcoin.
New 1 Million BTC Strategic Bitcoin Reserve Bill Presented in Brazilian Congress
Brazil is preparing to advance in becoming one of the most pro- bitcoin countries ever.
A bill that significantly expands the scope of a previous document proposing the creation of a national strategic bitcoin reserve has been introduced in Congress as a substitute, allowing the rewriting of an already introduced draft.
The new document establishes that RESbit, the so-called “Strategic Sovereign Bitcoin Reserve,” now contemplates the “planned and gradual acquisition of bitcoins as strategic reserve assets of the Union to accumulate at least 1,000,000 BTC (one million bitcoins) over 5 (five) years.”
Before, the bill contemplated spending up to 5% of Brazil’s foreign reserves to “diversify the assets of the National Treasury with an asset immune to inflation and to the confiscation of third parties,” which would be managed by the central bank as part of the national treasury.
In addition, it proposes a set of changes, including a ban on selling bitcoin seized by judicial authorities, accepting bitcoin as a payment method for federal taxes, and establishing incentives for companies that mine and hold bitcoin.
Deputy Luis Gastao emphasizes these modifications adopt a “more comprehensive approach, contemplating not only the establishment of the sovereign reserve, but also the guaranteeing fundamental rights related to the use and custody of digital assets.”
If approved by the required commissions and passed by Congress, the bill would encompass spending nearly $68 billion to acquire 1 million BTC, establishing Brazil as one of the countries with the strongest BTC reserves. These numbers would surpass the U.S. and China, estimated to be the nations with the most BTC hoarded.
Nonetheless, the bill will have to clash with current central bank regulations, which do not contemplate the use of BTC as a reserve asset.
FAQ
- What recent legislative development has Brazil introduced regarding Bitcoin?
Brazil’s Congress has proposed a bill to create a “Strategic Sovereign Bitcoin Reserve,” aiming to accumulate 1 million BTC over five years.
- What changes does the new bill propose compared to its predecessor?
The bill expands the previous proposal by allowing significant spending on Bitcoin and introduces measures like accepting Bitcoin for federal tax payments.
- How much funding is allocated for the acquisition of bitcoin under this bill?
If approved, Brazil plans to spend nearly $68 billion to secure its target of 1 million BTC, potentially surpassing the reserves of the U.S. and China.
- What challenges does the bill face in implementation?
The proposed legislation must align with existing central bank regulations, which currently do not recognize bitcoin as a reserve asset.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
European Bitcoin Reserve Strategies Diverge from MicroStrategy Model as Local Approaches Gain Traction
European enterprises face unique regulatory challenges compared to the U.S. in issuing financial instruments, leading them to adopt localized strategies for bitcoin investments. Major European bitcoin-holding companies are significantly smaller than U.S. firms.
GateNews33m ago
Bitcoin ETFs See $291 Million Outflow as Ether Gains $9 Million
Bitcoin exchange-traded funds (ETFs) opened the week with heavy outflows, reversing last week’s momentum. Ether ETFs posted modest gains, while XRP declined, and solana activity stalled.
Key Takeaways:
Bitcoin ETFs saw $291.11 million outflows led by Fidelity FBTC, signaling renewed caution.
Et
Coinpedia44m ago
Adam Back Advocates Optional Quantum Resistance Upgrade, Opposing BIP-361 Forced Freeze Plan
Blockstream CEO Adam Back supports an optional Bitcoin quantum resistance upgrade at Paris Blockchain Week, opposing the BIP-361 proposal to freeze quantum-vulnerable addresses. He emphasizes proactive measures over crisis responses.
GateNews1h ago
Cato Institute Criticizes U.S. Bitcoin Tax Rules as Barrier to Payments, Calls for Reform
The Cato Institute criticizes U.S. bitcoin tax policies for complicating transactions and hindering adoption. They propose reforms like eliminating capital gains taxes on small crypto payments and increasing exemption thresholds for better usability.
GateNews1h ago
Bhutan Sells $18.46M BTC in 24 Hours, $264M Holdings Remain
Bhutan sold about $18.46 million in Bitcoin recently, retaining around 3,524 BTC valued at $264 million. Their strategy has shifted from accumulation through hydropower mining to active liquidation, having sold $198 million since 2026. Further sales could reduce holdings significantly by September 2026.
GateNews1h ago
Central African Republic Approves Cryptocurrency Regulation Bill, Not Bitcoin Legal Tender
The Central African Republic's parliament approved a cryptocurrency regulation bill, legalizing its use in financial markets while imposing strict penalties for offenses. The regulation aims to streamline remittances and provide access to digital currencies, despite concerns over crime and donor disbursements.
GateNews1h ago
