Brazil to hold first hearing on a $19B sovereign Bitcoin reserve

Brazil’s legislators will hold a hearing on the potential inclusion of Bitcoin in the nation’s sovereign reserves.

Brazil may soon become one of the countries that holds Bitcoin (BTC) as its reserve asset. On August 20, the Economic Development Committee of the Chamber of Deputies will discuss the potential creation of a sovereign Bitcoin strategic reserve.

Representative Luiz Philippe de Orleans e Bragança requested the debate on Bill 4501/24, proposing the creation of a “strategic sovereign reserve of Bitcoin.” He explained that the intention was to gather technical insights from various government agencies.

“We understand that it is essential to gather the monetary authority’s technical perspective on this bill with a view to improving the text,” said the Representative. He also added that he wants to hear from government officials, bankers, and other experts in this domain.

The debate will also focus on improving the proposed text of the bill. The representative also claimed that the bill aligns with Brazil’s current regulatory framework on digital currencies, introduced in December 2022.

Brazil pushes for Bitcoin adoption

Representative Luiz Philippe de Orleans e Bragança, who proposed the Bitcoin reserve bill, is a descendant of Brazil’s former royal family and a crypto advocate. In March, he proposed a bill that would allow Brazilian employees to request up to 50% of their salary in crypto.

Brazil is one of several countries that are currently exploring creating a Bitcoin strategic reserve. For instance, in early August 2025, Indonesian authorities met with crypto advocates to talk about a strategic reserve.

Advocates of sovereign Bitcoin reserves stress its potential as a hedge against inflation and geopolitical risk. However, critics highlight Bitcoin’s volatility.