Brazil to Hold First Hearing on $19 Billion Bitcoin Strategic Reserve
BY
Ben Graham
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Brazil’s Chamber of Deputies is set to hold its first hearing on August 20 to examine a bill that proposes building a Bitcoin Strategic Reserve. The reserve would be worth up to $18.6 billion and could mark a serious step toward reshaping how Brazil thinks about foreign reserves and economic resilience.
Hearing Focuses on Risk Management and Reserve Diversification
Bill 4501/2024 proposes allowing up to 5 percent of Brazil’s Treasury reserves to be held in bitcoin, framing it as a hedge against currency volatility and a response to rising geopolitical risks. Lawmakers backing the proposal say it’s not about betting on Bitcoin, but about preparing for a financial world that looks very different from the one Brazil has planned for in the past.
Experts from Across the Industry Will Speak
This is not just a political formality. Deputy Luiz Philippe de Orleans e Bragança requested the hearing and invited a mix of experts to weigh in. Diego Kolling, who leads Bitcoin strategy at Méliuz, and Julia Rosim from Bitso and ABCripto will join. Officials from Brazil’s Central Bank and Ministry of Finance will also be there, making it clear this is more than a crypto-only conversation; it’s also about fiscal strategy.
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Bitcoin Would Be Held Under Joint Custody
If passed, the bill would put custody of the Bitcoin reserve in the hands of both the Central Bank and the Ministry of Finance. The designers structured it to avoid concentrated control and to add a layer of oversight. The law also calls for twice-yearly reports on the performance and risks of the reserve, giving lawmakers and the public a clearer view of how the experiment is going.
Next Steps Involve Several Layers of Approval
Once this hearing wraps up, the bill still has a long road ahead. It needs to clear four key committees: Economic Development, Science and Innovation, Finance and Taxation, and Constitution and Justice. If it makes it through that gauntlet, it heads to a full vote in the House, then the Senate, and finally to the President for final approval. The August 20 hearing is just the first test.
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Brazil Has Already Shown It’s Comfortable with Crypto
Brazil is not starting from scratch here. It’s already one of the most active crypto markets in Latin America and has been quick to approve crypto ETFs. Trading volumes neared $76 billion last year, and the country ranks high in global adoption reports. Adding Bitcoin to its national reserves would be a big move, but not an out-of-character one.
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Key Takeaways
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