Brazil Revives Bill 4501/2024 to Build RESbit, Targeting 1 Million BTC Reserve

Brazil's Congress has revived Bill 4501/2024 to create a Strategic Sovereign Bitcoin Reserve known as RESbit, authorizing the acquisition of up to 1 million BTC over five years at an estimated cost of about $68 billion, the proposal shows. The revised text permits tax payments in Bitcoin, bans the sale of confiscated BTC, and enables accumulation beyond open-market buying by retaining taxes paid in Bitcoin and holding shares of spot Bitcoin ETFs during emergencies, with management split between the central bank and the Ministry of Finance. The plan expands an earlier draft that capped purchases at 5% of foreign reserves, links Bitcoin reserves to Drex, promotes domestic mining and corporate holdings, and sets Executive Branch regulation within 180 days of enactment, while the Internal Revenue Service would have 12 months to build technical infrastructure and the central bank must publish semiannual reports to Congress, according to the bill.