The Economic Development Committee in the Brazil Chamber will hold its first hearing on August 20 to study a proposal to create a Bitcoin RESBIT with a value of up to $ 18.6 billion.
News Agency Chamber I mentionedThe ET 3 session will bring together technical views on the draft law 4501/24, which seeks to update the Treasury Department in Brazil and enhance competitiveness in the global digital economy.
Louise Philip de Orleans E Pragansa’s deputy asked the session to collect experts analysis from government agencies and financial institutions regarding Rsbit suggestion.
The legislation aims to diversify the origins of the treasury in Brazil and protect international reserves from exchange rate fluctuations and geopolitical risks.
Among the confirmed speakers are Diego Colang, head of Bitcoin Strategy in MiloseJulia Rosem, ABCRIPTO Policy Working Group Coordinator and Bitso Policy Head.
The legislative framework and the market context
The legislator Eros Biondini presented the legislation, citing the successful Blockchain integration by countries including El Salvador, the United States, China, Dubai and the European Union.
The draft law sets the responsibilities of custody for the Central Bank and the Ministry of Finance in Brazil and requires semi -annual reports on the performance of RESBIT and risk evaluation.
Brazil is leading Latin America in adopting encryption and ranks tenth in the world, according to Solutions Geography of the encryption report 2024.
According to the Brazilian Tax Authority data, the country was circulated approximately $ 76 billion in encryption last year.
The Brazil proposal proposes between countries that explore the reserves of digital assets as a hedge against traditional currency.
The committee review process and approval requirements
After the hearing on August 20, the proposal is conclusive analysis by four room committees: economic development, science and innovation technology, finance and taxes, constitutional justice and citizenship.
Each committee must approve the legislation before applying for the full room.
The draft law requires approval from both the House of Representatives and the Senate to become a law, which puts a comprehensive legislative review process to propose bitcoin reserves.
The technical inputs of the session will reach the committee’s assessments and possible text amendments during the review stages.
Orleans E Bragança is looking for views from the monetary authorities, government officials, representatives of the banking system and subject experts to improve the text of the proposal.
The deputy noted the importance of collecting technical analysis of the central bank before the committee’s coding sessions began to master the legislation.
