Brazilian congressman introduces bill for national bitcoin reserve

Eros Biondini’s proposal parallels US politicians’ efforts to similarly create a national bitcoin reserve

article-image

em_concepts/Shutterstock modified by Blockworks

share


This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.


As US politicians renew their push to create a national bitcoin reserve, one Brazilian congressman has put forward a similar proposal. 

Eros Biondini on Monday proposed establishing a bitcoin sovereign strategic reserve, known as ResBit. The plan calls for the country’s central bank to gradually acquire bitcoin until the cryptocurrency makes up 5% of Brazil’s national reserves, according to local reports.  

With Donald Trump headed back to the White House, Republican Senator Cynthia Lummis — who introduced legislation to form a strategic bitcoin reserve at the Bitcoin 2024 conference in Nashville last summer — said she plans to reintroduce her bill. 

“It’s gaining momentum,” Lummis told the Washington Examiner earlier this week. “The group that we need to focus on it is here on Capitol Hill — the members of the House and Senate.”

Lummis’s bill suggests the Treasury purchase 1 million bitcoins over a five-year period, to be held for a minimum of 20 years. 

Biondini’s bill cites the work of other countries — like the US and El Salvador — that have been “adopting innovative strategies to integrate cryptocurrencies to national financial management” in recent years, per a translated copy of the bill text. 

While Lummis has touted the bitcoin reserve as a solution to the growing national deficit, the proposal in Brazil claims a bitcoin investment would help establish financial sovereignty and increase economic development in the region. 

The details of the plans are similar, though. Both bills specify that the bitcoin should be held in cold storage and transactions must be publicly reported. Brazil’s proposal, however, does not specify a point in time when the bitcoin could be sold. 

Even with Trump and his new pro-bitcoin views on Lummis’s side, I think the US is a long way from getting this bill signed into law. But stranger things have happened. 

Polymarket odds on Tuesday showed a 25% chance Trump announces a bitcoin reserve within his first 100 days in office.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

Figure, founded by former SoFi CEO Mike Cagney, has emerged as a leader in onchain RWAs, with ~$17.5B publicly tokenized. The platform’s ecosystem volume is growing ~40% YoY as it expands beyond HELOCs into student loans, DSCR loans, unsecured loans, bankruptcy claims, and more. Operationally, Figure cuts average loan production cost by ~93% and compresses median funding time from ~42 days to ~10, creating a durable speed-and-cost advantage.

article-image

Layer 2 network Taiko integrates Chainlink Data Streams to deliver reliable onchain market data for DeFi and institutions

by Blockworks /
article-image

The license will allow Bullish to operate in New York under strict digital asset rules

by Blockworks /
article-image

The derivatives giant expands crypto offerings with new Solana and XRP futures options, pending regulatory review

by Blockworks /
article-image

Nasdaq-listed firm to fund Solana token purchases and expand its blockchain-focused treasury strategy

by Blockworks /
article-image

The partnership deepens liquidity and lowers conversion costs as demand for regulated stablecoins grows worldwide

by Blockworks /
article-image

Any indication the FOMC is less dovish than anticipated could weigh on crypto, industry watcher says