Brazil’s Congress has reignited debate over a national Bitcoin reserve, with lawmakers pushing a plan to accumulate at least 1 million BTC within five years. The proposal, known as the Reserva Estratégica Soberana de Bitcoins, or RESBit, has regained momentum after a key committee update in the Chamber of Deputies.
The renewed effort centers on Bill PL 4501/2024, which now moves forward in the Economic Development Commission under Brazil’s conclusive legislative procedure.
Lawmakers Set Clear Bitcoin Accumulation Target
Federal deputy Eros Biondini first introduced the bill in late 2024. Now, deputy Luiz Gastão has submitted an updated report recommending approval with revised language. The substitute text sets a defined accumulation goal rather than a flexible cap.
Under the new draft, Brazil would:
- Gradually purchase Bitcoin over five years
- Target a minimum reserve of 1,000,000 BTC
- Prohibit the sale of court-seized Bitcoin
- Allow temporary holding of spot Bitcoin ETF shares in urgent cases
- Require public transparency on reserve balances
- Implement cold wallet storage and multisignature custody controls
Supporters argue that a strategic Bitcoin reserve could diversify Brazil’s sovereign assets. Furthermore, they believe Bitcoin could serve as a hedge against currency instability and strengthen the country’s position in digital finance.
Tax and Crypto Policy Changes Spark Debate
The revised proposal goes beyond reserve accumulation. It would authorize tax payments in Bitcoin and adjust how crypto gains are treated under Brazilian law. These provisions could trigger debate among fiscal authorities and constitutional committees.
Critics warn about Bitcoin’s volatility and the practical challenge of acquiring such a large amount without disrupting the market. For example, purchasing 1 million BTC would represent a significant share of the total supply. Therefore, lawmakers must address liquidity and governance concerns as discussions continue.
