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Brazilian Legislators Propose Allocating 5% of Foreign Exchange Reserves to Bitcoin, Central Bank Expresses Concern

Summary: According to reports, Brazilian legislators 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 Brazilian Central Bank and Ministry of Finance. However, the Central Bank of Brazil has expressed concerns, citing Bitcoin's high volatility as ...

According to reports, Brazilian legislators 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 Brazilian Central Bank and Ministry of Finance. However, the Central Bank of Brazil has expressed concerns, citing Bitcoin's high volatility as a potential threat to the credibility of its monetary policy. As a result, the bill is currently undergoing further review.

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