"The proposed legislation establishes several guidelines for RESBit. First, the plan calls for a gradual accumulation of at least 1,000,000 BTC over five years. It prohibits the sale of bitcoins seized by Brazilian judicial authorities, ensuring that these assets remain within public control. The bill also allows for the collection of Brazil's federal taxes in Bitcoin and offers incentives for public companies to engage in Bitcoin mining and storage."
"Transparency is a central feature of the proposal. The bill mandates public disclosure of RESBit's bitcoin holdings through internet-based platforms, enabling auditing by the public. It emphasizes secure storage of digital assets using technologies such as cold wallets, multisignature wallets, and other internationally recognized mechanisms. In addition, the legislation permits temporary holdings of spot ETFs backed by bitcoin in the reserve portfolio, subject to urgent and limited circumstances."
The proposed RESBit program would create a Strategic Sovereign Bitcoin Reserve to accumulate at least 1,000,000 BTC over five years. The framework would prohibit sale of bitcoins seized by judicial authorities, permit federal tax collection in Bitcoin, and provide incentives for public companies to engage in Bitcoin mining and custody. The reserve would require public disclosure of holdings via internet-based platforms to enable public auditing and would emphasize secure custody using cold wallets, multisignature setups, and other recognized mechanisms. Temporary holdings of spot Bitcoin ETFs would be allowed only in urgent, limited circumstances, potentially positioning Brazil among leading national Bitcoin holders.
Read at Bitcoin Magazine
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