Brazil’s proxy economic development committee will hold its first hearing on August 20th to consider a proposal to establish a Bitcoin Strategy Preparation (RESBIT) worth up to $18.6 billion.
Agency Chamber of News It has been reportedThe 3pm session brings together the technical perspectives of Bill 4501/24, which aims to modernize Brazil’s financial management and increase competitiveness in the world’s digital economy.
Deputy Louise Philippe de Orleans E. Braganza requested the hearing to gather expert analyses from government and financial institutions. I’ll reconfirm the proposal.
The Act aims to diversify Brazil’s financial assets and protect international reserves from fluctuations in exchange rates and geopolitical risks.
Verified speakers include Diego Colling, head of Bitcoin Strategy Mellowsand Julia Rosim, Abcripto Policy Working Group Coordinator and Head of Public Policy at Bitso.
Legislative Framework and Market Context
Parliamentary Eros Biondini introduced the law, citing the success of blockchain integration by countries including El Salvador, the US, China, Dubai and the European Union.
The bill assigns custody liability to Brazil’s central bank and the Ministry of Finance, requiring semi-annual reporting on performance performance and risk assessments.
Brazil has adopted Latin America in Crypto adoption, ranking 10th worldwide, according to Geography in Crypto Report 2024.
The country traded nearly $76 billion in Crypto last year, according to data from Brazilian tax authorities.
The proposal places Brazil as a hedge against traditional currency among countries seeking digital assets reserves.
Committee review process and approval requirements
Following the August 20 hearing, the proposal enters a definitive analysis by the four indoor committees: economic development, science and technology and innovation, finance and taxation, constitutional justice and citizenship.
Each committee must approve the law before proceeding to consider a full chamber.
The bill requires approval from both lawmakers and the Senate and establishes a comprehensive legislative review process for proposals for Bitcoin reservations to become law.
Technical input from the hearing informs committee evaluations and potential text changes during the review phase.
Orleans EBragança is seeking perspectives to improve the text of the proposal from financial authorities, government officials, representatives of the banking system, and subject matter experts.
The adjutant pointed out the importance of collecting technical analysis of central banks before the committee’s markup sessions begin to complete legislation.
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(TagStoTRASSLATE) Bitcoin (T) Brazil (T) Cryptocurrency
