A notable cryptocurrency initiative has emerged in Brazil’s House of Representatives. A replacement bill, PL4501/2024, introduced by the House of Commons Economic Development Committee, proposes the creation of a “National Bitcoin Strategic Reserve” (RESBit).
According to the proposal, the Brazilian government aims to gradually accumulate at least 1 million BTC over five years. The measures are said to be aimed at increasing the country’s fiscal resilience, ensuring reserve diversification and strengthening global competitiveness in the digital asset ecosystem.
RESBit will be positioned as a strategic asset that can replace or complement traditional foreign currency and gold reserves.
The alternative proposal aims not only to create reserves, but also to support the cryptocurrency ecosystem at large. Accordingly:
- The proposal envisages allowing the payment of taxes using Bitcoin.
- Plans are underway to exempt capital gains from digital assets from income tax.
- The proposal proposes legally guaranteeing users’ basic digital property rights, including the right to store and freely transfer their assets.
It has been stated that if Brazil takes such strategic precautions, it could mark the beginning of a new era in national Bitcoin accumulation in Latin America. The bill is currently being considered at the committee level, but must pass the House and Senate approval processes before becoming law.
*This is not investment advice.
