Brazilian lawmaker proposes setting up a national Bitcoin reserve to hedge against economic risks

CoinRank News: Brazilian Congressman Eros Biondini introduced a bill on Monday proposing the creation of the Reserva Estratégica Soberana de Bitcoins (RESBit), or Strategic Sovereign Bitcoin Reserve. The proposal suggests allocating up to 5% of Brazils approximately $372 billion in national reserves to Bitcoin through a phased acquisition strategy. The bill states that establishing a Bitcoin reserve can enhance the countrys economic resilience to currency fluctuations and geopolitical uncertainties. The proposal also highlights El Salvadors adoption of Bitcoin as legal tender and the United States approval of a spot Bitcoin ETF as examples of innovative national strategies. (The Block)