Brazil Holds Historical First Bitcoin Strategic Reserve Hearing On August 20th

Brazil is on the verge of its biggest decisions yet, as the parliament would be calling together many of the country's financial and crypto leaders to discuss the possibility of a strategic Bitcoin reserve.

The Brazilian media has hailed this hearing as a historic first, and a critical decision that could shape the nation's economic policy and bolster its position in the global digital asset space.

On August 20, Brazil’s Chamber of Deputies will convene a landmark hearing in Brasília to discuss a bill that would authorize the Treasury to diversify its reserves by purchasing Bitcoin (BTC) and other secure cryptoassets.

The proposal, championed by pro-crypto lawmaker Eros Biondini since November 2024, reflects growing momentum to modernize Brazil’s approach to sovereign reserves.

The attendee list features heavyweights from the country’s finance and cryptocurrency sectors, including Diego Kolling, the head of Meliuz's Bitcoin strategic department.

Meliuz was the first Brazilian firm that has unveiled plans to spend millions of dollars on establishing its own BTC treasury.

Rubens Sardenberg, the Chief Economist at FEBRABAN, the largest Brazilian banking federation, is also reportedly participating in the hearing.

The Central Bank of Brazil, the Ministry of Finance, the Ministry of Development, Industry, Commerce and Services are also expected to send representatives.

The public hearing will take place at 4 p.m. local time in Annex II of the Chamber of Deputies.

The bill seeks to align Brazil’s financial infrastructure with a rapidly changing global landscape in which digital assets are increasingly seen as strategic reserves.

Supporters argue that adding Bitcoin and other robust cryptoassets to national reserves could not only help the country to hedge against currency risk and inflation, it also helps diversify the country’s holdings beyond traditional assets.

Despite growing support, the Bitcoin reserve initiative has a challenging legislative path ahead. The Chamber has not scheduled a formal vote, and the draft law must clear several hurdles—including passage by both the lower and upper houses and final approval by the President—before it can become law.

Industry watchers highlight that Brazil’s consideration of a Bitcoin reserve mirrors moves in the United States, where lawmakers are also exploring the role of digital assets in national treasuries.

The hearing underscores Brazil’s awareness of global trends—and its willingness to publicly debate an issue with long-term economic significance.

Pro-crypto momentum continues to grow: In June, Biondini introduced another bill seeking to eliminate taxes on long-term crypto investments, further signaling Brazil’s openness to Web3 innovation.