Brazil Reintroduces Bill to Create Strategic Bitcoin Reserve acquiring up to 1million $BTC

Brazil just reintroduced a bill to create a Strategic Sovereign Bitcoin Reserve (RESbit).
The proposal expands on a previous 2024 bill and calls for Brazil to accumulate up to 1 million Bitcoin over a 5-year period through gradual, planned acquisitions. That's roughly $68 billion at current prices.

If passed, this would place Brazil among the largest sovereign Bitcoin holders globally.

Federal Deputy Luiz Gastão, who supports the framework, stated: "The proposal not only establishes a sovereign reserve but also seeks to safeguard fundamental rights related to the use and custody of digital assets."

The bill includes a broader crypto framework:
1. Accepting Bitcoin payments for federal taxes

2. Providing incentives for Bitcoin mining and holding companies

3. Banning the sale of Bitcoin seized by judicial authorities (keeping it in state custody)

4. Allowing Bitcoin to serve as collateral for Drex, Brazil's digital real

5. Requiring the central bank to publish semi-annual reports on the reserve's performance