A Brazilian congressman made a proposal similar to the one that US politicians are making in order to establish a bitcoin national reserve.
Eros Bidini, on Monday, proposed the establishment of a bitcoin strategic sovereign reserve called ResBit. According to reports, the plan requires the central bank of Brazil to acquire bitcoins until they make up at least 5% the national reserve.
With Donald Trump headed back to the White House, Republican Senator Cynthia Lummis — who introduced legislation to form a strategic bitcoin reserve at the Bitcoin 2024 conference in Nashville last summer — said she plans to reintroduce her bill.
“It’s gaining momentum,” Lummis said to The Washington Examiner in the Washington Examiner on Wednesday. “The group that we need to focus on it is here on Capitol Hill — the members of the House and Senate.”
Lummis’s bill proposes that the Treasury buy 1 million Bitcoins over a period of five years, which will be held for at least 20 years.
Biondini’s bill cites the work of other countries — like the US and El Salvador — that have been “adopting innovative strategies to integrate cryptocurrencies to national financial management” According to a translation of the text, in recent years.
Lummis has hailed the Bitcoin reserve as the solution for the nation’s growing deficit. However, the Brazilian proposal claims that bitcoin investments would increase financial sovereignty in the region and help boost its economic development.
Both plans have similar details. The bills both specify that bitcoins should be kept in cold storage, and all transactions are to be reported publicly. Brazil’s proposal does not mention a time frame when bitcoin can be sold.
Even though Lummis is on Lummis’s side and Trump has his pro-bitcoin views, the US will be a long time before this bill becomes law. Stranger things have occurred.
On Tuesday, Polymarket’s odds showed that there was a 25% probability Trump would announce a Bitcoin reserve in his first 100-day term.
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