Brazil, Bitcoin Foreign reserve strategy passes first hurdle...Will it become the second case in Latin America

Brazil has officially started promoting a bill that includes Bitcoin as foreign exchange reserve assets. According to cryptocurrency specialized media Bitcoin News, Brazil’s ‘Bitcoin Strategic Reserve Bill (PL 4501)’ passed the first parliamentary committee review.

This bill contains a provision allowing the Central Bank of Brazil to allocate up to 5% of total foreign exchange reserves to Bitcoin. If the bill is finally passed, Brazil will become the second Latin American country, after El Salvador, to adopt Bitcoin as a strategic reserve asset.

The market is closely monitoring the impact of this measure on global Bitcoin demand, and if official purchase by the Central Bank becomes a reality, it is expected to have considerable symbolic and real repercussions on prices.