Brazilian Government considers Bitcoin adoption
Brazilian government's interest in the global Bitcoin market, especially with the increasing number of countries adopting Bitcoin.
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The Brazilian president’s administration had an important official who stated that a carefully considered future Bitcoin strategic reserve will be “determinant for our prosperity” and “in the interest of the public. ” Guerra, in turn, Alckmin, made these comments as a delegate of the executive branch at a Congress commemoration.
He mentioned that it is a matter of public concern and vital for the nation to “systematically examine the creation of a sovereign Bitcoin reserve. ”
According to local media Poder 360, Guerra described Bitcoin as “ digital gold, the gold of the internet. It is wealth that can be transferred from one part of the world to another with ease and is an exceptional method of storing the output of our hard work.”
This statement emphasizes the Brazilian government’s interest in the global Bitcoin market, especially with the increasing number of countries adopting Bitcoin.
A few moments earlier, Guerra commented on the paradoxical stance of a government that has invested funds in promoting cryptocurrencies like Bitcoin while simultaneously seeking to control their trade.
He was responding to Deputy Eros Biondini (PL-MG), who previously proposed legislation recommending the creation of a so-called ‘Strategic Sovereign Bitcoin Reserve’ (Reserve de Borg).
This proposition would require the state to purchase Bitcoin until it reached a 5 percent cap of the country’s share of international reserves, the responsibility for custodianship resting with the Brazilian Central Bank, which controls these funds using sophisticated supervised systems and monitors them with blockchain technology.
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