Brazil Proposes Strategic Sovereign Bitcoin Reserve Targeting 1 Million BTC

Federal Deputy Luiz Gastão has introduced a landmark bill to establish a Strategic Sovereign Bitcoin Reserve, known as RESBit, in Brazil. The proposed legislation aims for the gradual accumulation of up to 1 million Bitcoin over a five-year period to diversify the nation's sovereign assets. A key provision of the bill includes a prohibition on the sale of seized Bitcoin, ensuring these assets remain part of the national treasury. The plan also seeks to integrate digital assets into the broader economy by allowing federal tax payments to be made in Bitcoin and offering incentives for public sector companies to engage in mining operations. If passed, this initiative would position Brazil as one of the largest sovereign holders of Bitcoin globally, signaling a significant shift in national financial strategy. While the proposal is bullish for the crypto ecosystem, its immediate market impact remains subject to legislative approval and political consensus.