Brazil’s lower house submits amendment for a ‘strategic Bitcoin reserve’…to buy 1 million over five years

Uk Jin

Summary

Brazil’s Chamber of Deputies’ Committee on Economic Development said it submitted an amendment to incorporate Bitcoin as a strategic reserve asset.
It said the amendment includes accumulating at least 1 million Bitcoins over five years and an income-tax exemption on capital gains from Bitcoin and digital-asset transactions.
It said the amendment will allow payment of taxes and fines using Bitcoin and is set to undergo sequential review by multiple committees.

An amendment to a bill that would incorporate Bitcoin (BTC) as a strategic reserve asset has been submitted in Brazil.

According to the official website of Brazil’s lower house on the 13th (KST), the Chamber of Deputies’ Committee on Economic Development submitted an amendment on the 9th centered on establishing a “Strategic Sovereign Bitcoin Reserve (RESBit).”

The amendment includes a goal of accumulating at least 1 million Bitcoins over five years. It also contains provisions to exempt capital gains arising from Bitcoin and digital-asset transactions from income tax, and to allow the payment of taxes and fines using Bitcoin.

The original bill had granted the central bank authority to accumulate Bitcoin up to 5% of foreign-exchange reserves.

The bill is set to undergo sequential review by multiple committees, including the Committee on Economic Development, the Committee on Science, Technology and Innovation, the Committee on Finance and Taxation, and the Committee on Constitution and Justice, among others.

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