If a bill to create a BTC reserves passes in Brazil’s House of Representatives, it will require Senate approval before being signed into law or vetoed by the country’s president.
Brazil’s House of Representatives will hold a hearing on Aug. 20 to discuss a bill proposing the creation of a national Bitcoin reserve in the country.
According to the House website, at least six institutions are slated to participate, including the Central Bank of Brazil, the Ministry of Finance, a crypto advocacy association and representatives from fintech companies and the banking sector.
The bill, introduced in November 2024, seeks to allow up to 5% of the country’s treasury funds to be used to buy Bitcoin, which translates to a potential investment of roughly $15 billion, assuming the central bank’s total reserves of about $300 billion as of February.
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