Brazil’s Chamber of Deputies Economic Development Commission is set to hold its inaugural hearing on August 20 regarding a proposal to establish a Bitcoin Strategic Reserve (RESBit) valued at up to $18.6 billion.
The legislation, known as Bill 4501/24, seeks to modernize Brazil’s treasury management by incorporating bitcoin and to protect the nation’s international reserves from exchange rate volatility and geopolitical uncertainties.
Legislative framework and international comparison
The proposal, introduced by lawmaker Eros Biondini, highlights the adoption of blockchain technologies by countries such as El Salvador, the United States, China, Dubai, and the European Union.
Under the bill, custody of the reserve would be managed by Brazil’s Central Bank and Finance Ministry, with biannual performance and risk assessment reports required.
Brazil is a leader in Latin American bitcoin adoption and ranks 10th globally, with nearly $76 billion in digital asset trading reported last year according to the Brazilian tax authority.
The RESBit initiative would position Brazil among a growing list of nations considering digital asset reserves as a hedge against traditional currency risks.
Committee review process
After the August 20 hearing, the proposal will undergo analysis by four Chamber committees: Economic Development, Science Technology and Innovation, Finance and Taxation, and Constitution Justice and Citizenship.
Each must approve the bill before it can advance to the full Chamber and the Senate.
Deputy Luiz Philippe de Orleans e Bragança, who requested the hearing, emphasized the importance of gathering input from monetary authorities, government officials, banking representatives, and technical experts. He stated:
“Collecting Central Bank technical analysis before committee markup sessions is crucial to perfecting the legislation.”
Market context and next steps
Confirmed speakers for the hearing include Diego Kolling, head of Bitcoin strategy at Méliuz, and Julia Rosim, policy coordinator of ABcripto and Bitso’s head of public policy.
Technical findings from the session will inform subsequent committee evaluations and potential amendments to the proposal text.
If passed, the bill would mark a significant step for Brazil in integrating bitcoin into sovereign reserve management.
