Authored by Micah Zimmerman via BitcoinMagazine.com,
Brazilian lawmakers have reintroduced a bill to create a national Strategic Sovereign Bitcoin Reserve, known as RESBit, proposing the gradual acquisition of one million bitcoins over five years.
The bill, presented by Federal Deputy Luiz Gastão (PSD/CE),outlinesa comprehensive framework to integrate Bitcoin into the country’s financial strategy and diversify national reserves.
The proposed legislation establishes several guidelines forRESBit.
First, the plan calls for a gradual accumulation of at least 1,000,000 BTC over five years.
It prohibits the sale of bitcoins seized by Brazilian judicial authorities, ensuring that these assets remain within public control.
The bill also allows for the collection of Brazil’s federal taxes in Bitcoin and offers incentives for public companies to engage in Bitcoin mining and storage.
Transparency is a central feature of the proposal.The bill mandates public disclosure of RESBit’s bitcoin holdings through internet-based platforms, enabling auditing by the public.
It emphasizessecure storageof digital assets using technologies such as cold wallets, multisignature wallets, and other internationally recognized mechanisms.
In addition, the legislation permits temporary holdings of spot ETFs backed by bitcoin in the reserve portfolio, subject to urgent and limited circumstances.
Source: ZeroHedge News
