The Brazilian Bitcoin Reserve Bill has passed the review of the first committee

ChainCatcher news, according to Bitcoin News, Brazil's Bitcoin Reserve Bill "PL 4501/2023 or PL 4501/2024" has passed the first committee review. The bill proposes to establish a "sovereign strategic Bitcoin reserve," allocating up to 5% of foreign exchange reserves to Bitcoin.

Once implemented, Brazil will become the second Latin American country to establish a legal BTC reserve, following El Salvador. Brazil's Vice President Chief of Staff Pedro Giocondo Guara stated in March that the "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."