Brazilian politicians are quite influenced by pro-cryptocurrency US President Donald Trump, who proposed a Bitcoin reserve strategy.
Over the past 4 years, the Brazilian population has shown growing interest in cryptocurrency adoption and the government regulatory body is making significant progress around the regulation of this innovative space. In 2022, this country approved a comprehensive cryptocurrency regulation law, which recognizes cryptoassets as a payment method and promotes financial inclusion. Likewise, the Central Bank of this country is working on a digital currency, the “Digital Real”.
In the latest developments, Brazilian congressman Eros Biondini proposed creating a national Bitcoin reserve called ResBit.
Through this plan, he suggested Brazil’s central bank buy Bitcoin until it represents 5% of the country’s total reserves. That means Eros wants the Central Bank of Brazil to allocate $17.5 billion to Bitcoin investments.
Through the proposed bill, Eros drew attention to the growing adoption of Bitcoin in different ways in various countries. In particular, he noted that El Salvador and the United States are integrating cryptocurrencies into their financial systems.
US Government Bitcoin Sale Plan
Currently, the US government holds over 188,000 BTC worth $18.2 billion as of December 2 and there are rumors that the government is planning to sell some Bitcoins.
On-chain data reports showed that nearly $2 billion in confiscated bitcoins were transferred on Coinbase Prime, a popular crypto exchange in the US.
Last time, the US government sold almost 10,000 BTC for $216 million in March 2023.
Following this news, the trading price of Bitcoin plummeted by almost 2% in the last 24 hours.
Also Read: Microstrategy ($MSTR) Buys $1.5 Billion in New Bitcoins at ATH Prices
