Brazilian Lawmaker’s Strategic Bitcoin Reserve Bill Set for ‘Historic’ Public Hearing

A Brazilian strategic Bitcoin reserve proposal will be debated in parliament later this month, with domestic crypto executives and government officials set to attend.

The Brazilian media outlet Livecoins called parliament’s decision to hold the hearing “a historic first.”

The Chamber of Deputies is set to host the hearing on August 20. The bill in question was tabled by the pro-crypto lawmaker Eros Biondini in November 2024.

The bill calls for Brazil’s Treasury to start diversifying its asset holdings by buying Bitcoin (BTC) and other “secure” cryptoassets.

Lawmakers such as Luiz Philippe de Orleans e Bragança have been calling for a public hearing on the proposal since late June, when the Chamber’s Economic Development Commission began deliberating on it.

The hearing will feature a debate on the merits and drawbacks of a proposed Brazilian strategic Bitcoin reserve.

The hearing will be held in Annex II of the Chamber of Deputies in Brasília at 4 pm local time.

The Chamber is yet to confirm a list of attendees. However, Livecoins says it has “learned” that guests will include Diego Kolling, the head of Méliuz’s Bitcoin strategy department.

Méliuz is a B3 stock market-listed Brazilian payments firm that has unveiled plans to spend millions of dollars on establishing its own BTC treasury.

Rubens Sardenberg, the Chief Economist at FEBRABAN, the largest Brazilian banking federation, is also reportedly attending.

The Brazilian Cryptoeconomics Association (ABcripto), the nation’s Central Bank, the Ministry of Finance, and the Ministry of Development, Industry, Commerce, and Services are also expected to send representatives.

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The media outlet opined that the public hearing is “confirmation that the issue of whether there should be a Brazilian strategic Bitcoin reserve remains a relevant, ongoing issue.” It added:

“Brazilian legislation could be modernized in line with global trends. The United States, for example, is also discussing the creation of its own reserve and could become a global leader in this regard.”

However, the proposal has many obstacles to clear before it can become law. The chamber is yet to table a vote for the draft law.

And should it pass the lower chamber, it would then need approval from both the Senate. It would then require approval from the President.

In June, Biondini unveiled a separate draft law, calling for the government to do away with taxes on long-term crypto investment.

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