Brazilian Chamber of Deputies Proposes Ambitious Bitcoin Strategy
The Brazilian Chamber of Deputies is advancing an alternative draft bill that could position Brazil among the world’s largest Bitcoin holders. The proposal recommends that the Treasury accumulate at least 1 million BTC over the next five years, a figure currently valued at approximately 350 billion reais (around 68 billion USD). This amount represents 1/21 of Bitcoin’s maximum supply, effectively establishing a national Bitcoin strategic reserve.
Key elements of the proposal include:
Tax Incentives: Full exemption from capital gains tax on digital assets.
Government Payments in Bitcoin: Federal taxes could be paid using Bitcoin.
Judicial Protections: Prohibits the auction of Bitcoins seized by the judiciary.
Privacy and Self-Custody: Clarifies rights for private trading and self-custody of crypto assets.
The initiative aims to create a structured framework for national Bitcoin adoption, combining investment, regulatory clarity, and enhanced user rights.
However, the plan has faced resistance from Brazil’s Central Bank and Ministry of Finance, which argue that Bitcoin does not meet the safety and liquidity standards required for foreign exchange reserves. Critics caution that while the move could elevate Brazil’s role in the global crypto ecosystem, it also introduces financial and regulatory risks for the country.
If implemented, this bill could dramatically reshape Brazil’s digital asset landscape, positioning Bitcoin not just as a speculative asset but as a strategic national reserve.PLEASE FOLLOW Frank_1141.$BTC #Bitcoin #BrazilCrypto #CryptoNews #BinanceSquare
