The Brazilian House of Representatives has submitted a bill proposing to accumulate at least 1 million bitcoins as a strategic reserve within 5 years.

Techub News reported that a strategic sovereign Bitcoin reserve alternative bill named RESbit has been formally submitted in the Brazilian Chamber of Deputies. It proposes that Brazil gradually acquire and accumulate at least 1 million Bitcoins as national strategic reserve assets over a period of 5 years. The bill significantly expands on a previous proposal to use 5% of foreign exchange reserves to purchase Bitcoin. It also includes provisions to prohibit the sale of Bitcoin seized by judicial authorities, accept Bitcoin for federal tax payments, and provide incentives for Bitcoin mining and holding companies. If passed, Brazil's Bitcoin holdings are expected to surpass those of the United States and China. Currently, the bill still needs to address restrictions under the central bank's existing regulations, as current rules do not recognize Bitcoin as a reserve asset.