Brazil Moves to Build a Strategic Bitcoin Reserve with 1 million BTC

• The bill would allow the country to buy up to 1 million Bitcoin over the next five years.
• The draft also permits the use of Bitcoin for settling federal taxes and fines.
• The bill is currently undergoing committee review, making its way toward potential passage.

Brazil’s Chamber of Deputies has reintroduced a major bill that would allow the government to establish a Strategic Sovereign Bitcoin Reserve. If passed, it would allow the country to buy up to 1 million Bitcoin over the next five years as part of its official holdings.

The 1 million BTC is a much bigger target than earlier plans, and the crypto purchases would be spaced out to avoid shocking the market.

The draft also permits the use of Bitcoin for settling federal taxes and fines, and profits from selling crypto would be tax-free. Additionally, any Bitcoin seized by courts and held by the government c…

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