Brazil to Hold Public Hearing For Strategic Bitcoin Reserve on August 20
Highlights
- Brazil to host public hearing on Strategic Bitcoin Reserve bill August 20.
- Lawmakers, experts to debate inclusion of Bitcoin in Brazil’s national reserves.
- Hearing could mark pivotal shift in Brazil’s digital asset reserve strategy.
On August 20, Brazil will have a hearing to discuss the establishment of a Strategic Bitcoin (BTC) Reserve on a national level. The session will embrace Bill 4.501/2024 that suggests the creation of a BTC Reserve under the government at the federal level.
Brazilian Lawmakers to Debate Strategic Bitcoin Reserve in First Public Hearing on August 20
According to a local media report, the Strategic Bitcoin Reserve bill was introduced by Deputy Eros Biondini in November 2024. It has since been transferred to the Economic Development Commission for discussion.
A request for a public hearing was made by Deputy Luiz Philippe de Orleans e Bragança in late June. The hearing is now confirmed and will take place in Plenary 5 of Annex II at the Chamber of Deputies in Brasília.
This will be the first formal debate on whether Brazil should diversify its government-held reserves by including Bitcoin. The event is open to public and expert participation, with several key figures already confirmed.
Diego Kolling, who leads Bitcoin strategy at Méliuz, and Rubens Sardenberg of the Brazilian Federation of Banks have both agreed to attend. Invitations were also extended to representatives from the Central Bank of Brazil, the Ministry of Finance, and the Ministry of Development, Industry, Commerce, and Services.
However, confirmation is pending from some officials like Guilherme Mello and Nilton José Schneider David. Discussions about a BTC reserve strategy by the U.S. have also commenced.
Recently, the Digital Assets Director for the U.S. Bo Hines confirmed that the Strategic Bitcoin Reserve is still on track. He explained that it is a process that requires significant time and effort to ensure its longevity and success.
The result of such a hearing could decide whether the bill clears approval from the legislative before it reaches Congress. If passed, it would require presidential sanction to become law.
Lawmakers consider this a historic chance to modernize Brazil’s financial reserve system. The public hearing will begin at 4:00 p.m. local time on the said date.
Nations Rethink Reserves to Include Bitcoin
Observers say the debate over a Strategic Bitcoin Reserve may shape Brazil’s role in the digital asset era. Other governments worldwide are also reassessing their asset diversification strategies. This also includes a Strategic Bitcoin Reserve approach.
- Veteran Trader Peter Brandt Says “MSTR Could Go Underwater” If Bitcoin Repeats 1977 Soybean Crash
- BSC Meme Season Ends as PumpFun Surpasses Four Meme Amid $8M Inflows
- ProShares Files for Index Crypto ETF Tracking Bitcoin, Ethereum, XRP, and Solana
- Trump Says Meeting with China May Not Happen, Bitcoin Drops
- The Great Rotation? Bitcoin Rises as Gold Sees Largest Daily Drop Since 2013
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
