Brazil Advances Bitcoin Reserve Bill in Legislative Process

According to BlockBeats, Brazil's Bitcoin Reserve Bill, known as "PL 4501/2023 or PL 4501/2024," has successfully passed its first committee review. The proposed legislation aims to establish a "sovereign strategic Bitcoin reserve," allocating up to 5% of the country's foreign exchange reserves to Bitcoin. If implemented, Brazil would become the second Latin American nation, following El Salvador, to legally establish a Bitcoin reserve. Pedro Giocondo Guara, Chief of Staff to Brazil's Vice President, emphasized in March that a "strategic sovereign Bitcoin reserve" is crucial for the nation's prosperity and is a matter of public interest, referring to Bitcoin as "the gold of the internet."