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

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.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates.png

Research

We believe DoubleZero, given its symbiotic relationship with validators & searchers, promise to boost overall network efficiency and throughput, lack of competition, and ability to serve many blockchain ecosystems, will command meaningful pricing power and could command a meaningful take of priority revenues across blockchains.

article-image

You know about the Bitcoin Standard — what about the Bitcoin Scholarship?

article-image

Toku’s suit accuses an ex-employee of stealing confidential business information and sharing it with competitor Liquifi

article-image

Partial recovery is already in motion, according to the Loopscale team

article-image

Microsoft, Meta, Amazon and Apple are slated to report Q1 earnings this week, and we’re watching one especially closely

article-image

Tariff concerns on corporate earnings and weakening of the US dollar contributed to the surge, CoinShares exec says

article-image

Following a developer call Monday, EOF appears to be out of Fusaka fork