Overview
- Federal Deputy Luiz Gastão refiled the RESBit proposal to accumulate up to 1,000,000 bitcoin over five years as part of Brazil’s official assets.
- The draft includes acceptance of bitcoin for federal tax payments and incentives for companies that mine and hold the asset.
- A ban on selling bitcoins seized by judicial authorities is specified, keeping those holdings under public control.
- Operational safeguards require cold storage, multisignature custody, public reporting of holdings, and allow temporary use of spot bitcoin ETFs in limited cases.
- The Central Bank of Brazil opposes classifying bitcoin as reserves, and the bill must pass multiple congressional commissions before any implementation.