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Brazilian parliament member Luiz Gastão from the PSD‑CE party has introduced a bill to the parliamentary committee on economic development aimed at increasing the limit of the government’s bitcoin reserve. Currently, the state bitcoin reserve has not yet been established.
The proposed legislation seeks to allow Brazil to set the size of its bitcoin reserve at 1 million coins. Gastão’s initiative grants the central bank the authority to purchase cryptocurrency and store it in cold wallets. The future of the proposal—whether it will be debated in parliament or require further refinement—will become clear following the committee’s review.
In November 2024, another Brazilian lawmaker, Eros Biondini, introduced a bill that enables the government to create a “strategic sovereign bitcoin reserve” (RESBit). According to the parliamentarian’s vision, this reserve could reach 5% of the total state asset reserves, approximately 170,000 BTC. Biondini anticipated that under favorable market conditions, the estimated value of the reserve could reach $3 billion. The management of the reserve was intended to be overseen by the Central Bank of Brazil and the Ministry of Finance, with storage conducted in cold wallets. This bill was ultimately not passed.
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Gastão’s amendments specifically modify Biondini’s proposal.
In Germany, in October, the right-wing party Alternative for Germany (AfD) proposed the establishment of a national bitcoin reserve. In France, a bill was prepared that would allow for the creation of a state reserve not only of bitcoins but also of euro-backed stablecoins. In the Philippines, lawmakers have put forth an initiative to add 10,000 BTC to the treasury over five years. None of these bills have been enacted.
The government of Bhutan, which had been building a reserve of the first cryptocurrency, has been selling off bitcoins for several weeks. The latest sale of 100 BTC generated nearly $6.8 million.
