TechFlow news: On February 13, according to documents from Brazil’s National Congress, the House Committee on Economic Development is reviewing a Bitcoin Strategic Reserve proposal (Bill No. 4501/2024). The proposal aims to establish a “Bitcoin Sovereign Strategic Reserve” (RESBit), targeting the acquisition of one million bitcoins over five years to diversify treasury assets.
Key provisions of the bill include: permitting tax payments in bitcoin, exempting bitcoin transactions from capital gains tax, safeguarding users’ rights to self-custody, ensuring transaction privacy, and repealing the current Federal Tax Regulation No. 1888/19. The reserve will be maintained by the Brazilian Treasury and stored using secure measures such as cold wallets and multi-signature protocols.
Rapporteur Congressman Luiz Gastão stated that this proposal would enable Brazil to acquire an asset “immune to inflation and third-party seizure,” thereby providing long-term, sustainable support for public debt.
