Brazil’s House of Representatives plans to hold a hearing on August 20 to discuss a proposed bill for creating a national Bitcoin reserve. The hearing will involve representatives from various institutions, including the Central Bank of Brazil and the Ministry of Finance. The bill, introduced in November 2024, suggests allocating up to 5% of the country’s treasury funds, around $15 billion, to invest in Bitcoin. The aim is to protect international reserves against currency fluctuations and promote blockchain technology use. If the House approves the bill, it will advance to the Senate for further consideration before being presented to President Luiz Inácio ‘Lula' da Silva for approval or veto. Opinions on this initiative have been mixed; some officials advocate for the reserve as beneficial for Brazil's future, while the central bank's director of monetary policy cautions against including cryptocurrencies in foreign exchange reserves. This initiative has emerged as various countries explore similar proposals, highlighting a growing global interest in national Bitcoin reserves.

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