Brazilian lawmakers propose allocating 5% of foreign exchange reserves to Bitcoin, central bank expresses concern
According to Jinse Finance, Brazilian lawmakers have held a hearing on Bill 4501/2024, which proposes allocating up to 5% of the country's international reserves (approximately $16.4 billion) to Bitcoin. These reserves would be managed by the Central Bank of Brazil and the Ministry of Finance. However, the Central Bank of Brazil has expressed concerns, arguing that Bitcoin's high volatility could undermine the credibility of its monetary policy. As a result, the bill is currently under further review.
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