The Brazilian politicians are influenced enough by the US pro-crypto president Donald Trump, who proposed a Bitcoin reserve strategy.
Over the past 4 years, the Brazilian population has shown a growing interest in cryptocurrency adoption, & the government regulatory body is making significant developments around the regulation of this innovative space. In 2022, this country passed a comprehensive crypto regulation law, recognizing Crypto assets as a payment method, and promoting financial inclusion. Also, the Central Bank of this country is working on a digital currency, the “Digital Real”.
In the latest developments, Brazilian congressman Eros Biondini has proposed creating a national Bitcoin reserve called ResBit.
Through this plan, he suggested Brazil’s central bank buy Bitcoin until it accounts for 5% of the country’s total reserves. That means Eros wants Brazil’s Central Bank to allocate $17.5 billion in Bitcoin investment.
Through the proposed bill, Eros dragged attention toward the increasing Bitcoin adoption in different ways across several countries. In particular, he noted that El Salvador & the U.S. are integrating cryptocurrencies into their financial systems.
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US government Bitcoin sell plan
Currently, the US government is holding more than 188k BTC worth $18.2 billion as of Dec. 2 & there are rumours that the government is planning to sell some Bitcoins.
On-chain data reports showed that nearly $2 billion worth of forfeited bitcoin was transferred on Coinbase Prime, a popular crypto exchange in the US.
Last time the US government sold nearly 10,000 BTC for $216 million in March 2023.
Following this news, the trade price of Bitcoin crashed nearly 2% in the last 24 hours.
Read also: Microstrategy ($MSTR) purchases $1.5 billion worth of new Bitcoins at ATH prices
Brazil follows US footsteps, proposes national Bitcoin reserve
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