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Hassan Shittu

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Hassan Shittu

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Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in…

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August 21, 2025

Brazil is moving toward creating a $19 billion Bitcoin strategic reserve termed RESBit, following a public hearing held on August 20. The session, led by the Chamber of Deputies’ Economic Development Commission in Brasília, brought together lawmakers, economists, and digital asset experts to discuss Bill 4501/24, which proposes using Bitcoin to modernize Brazil’s treasury management and strengthen its position in the global digital economy.

If approved, Brazil would join the ranks of El Salvador, the U.S., China, the EU, and Dubai in exploring government-backed Bitcoin holdings, signaling a major step in adopting digital assets as part of national economic planning.

$19B Bitcoin Reserve as Treasury Hedge Against Dollar As RESBit Faces Multi-Committee Scrutiny

The initiative, authored by Deputy Eros Biondini (PL-MG) and brought forward for debate by Deputy Luiz Philippe de Orleans e Bragança (PL), envisions a Bitcoin reserve worth $18.6 to $19 billion.

The plan frames Bitcoin as a “digital commodity” comparable to gold, with the goal of diversifying Brazil’s financial reserves, hedging against currency volatility, and insulating the economy from geopolitical shocks.

Under the proposal, the Central Bank of Brazil and the Ministry of Finance would oversee custody and management of the assets, publishing biannual reports on performance, risk exposure, and strategic impact. Supporters argue this transparency could strengthen trust in the initiative and anchor it within broader fiscal stability measures.

Lawmakers pointed to international examples, including El Salvador’s adoption of Bitcoin as legal tender and pilot reserve initiatives in the U.S. and Asia, to frame RESBit as part of a global push to integrate cryptocurrencies into sovereign balance sheets.

Proponents described Bitcoin as a safeguard against monetary inflation and dollar hegemony, suggesting that the digital reserve could reinforce Brazil’s long-term financial sovereignty.

Industry experts invited to the hearing, including Diego Kolling of Méliuz and Julia Rosim of ABcripto and Bitso, acknowledged Bitcoin’s scarcity and decentralization as potential long-term benefits but cautioned lawmakers on its well-known volatility and security risks.

They stressed that custody frameworks, liquidity management, and cybersecurity protections would be crucial to prevent fiscal exposure.

Notably, the bill faces an extensive multi-committee review before reaching the full Chamber for a vote.

It must clear four powerful bodies — the Economic Development Commission, the Science, Technology, and Innovation Committee, the Finance and Taxation Committee, and the Constitution, Justice, and Citizenship Committee — before advancing to the Senate. Each stage provides opportunities for technical adjustments and political negotiation.

Critics at the session warned of broader fiscal implications, arguing that diverting nearly $19 billion into Bitcoin could restrict funding for infrastructure and social programs while exposing public finances to sudden swings in crypto markets.

Others flagged transparency and accountability as potential weak points, noting the need for robust reporting and oversight if the reserve moves forward.

Latin America’s Bitcoin Momentum: Brazil to Join the Sovereign Reserve Movement

Brazil’s proposed RESBit initiative positions the country at the forefront of Latin America’s crypto drive, joining a growing list of nations eyeing strategic Bitcoin reserves. Notably, Brazil already leads the region in both trading volume and adoption, ranking 10th worldwide in Chainalysis’ 2024 Geography of Crypto report.

Brazilian tax authority data revealed nearly $76 billion in crypto transactions last year, indicating the scale of integration across its economy.

Lawmakers described RESBit as a crucial step to harness this momentum, with the Central Bank and Finance Ministry tasked with biannual performance and risk reports to ensure oversight and alignment with financial policy.

Beyond Brazil, several other nations have already moved to integrate Bitcoin at the sovereign level. El Salvador remains the flagship case of sovereign Bitcoin adoption, making it legal tender in 2021. Retail use has since plunged from 25.7% in 2021 to just 8.1% in 2024, but the government has continued to buy the dip.

At the time of writing, its holdings stand at 6,275 BTC, worth around $710 million, giving it sizable unrealized gains and reaffirming its role as a crypto pioneer.

Argentina and Venezuela have also turned to Bitcoin and stablecoins to offset inflation and bypass dollar shortages, signaling a broader regional tilt.

In the U.S., Bitcoin has entered state coffers through criminal seizures, making the country the largest known holder with nearly 198,000 BTC as of July 2025. China follows closely with about 194,000 BTC, most of it tied to the PlusToken Ponzi scheme but reportedly sold.

While neither has adopted Bitcoin as legal tender, their large holdings show a shift in how major economies view the asset: less as speculation, more as a strategic reserve.

Brazilian lawmakers will hold their first hearing on August 20th to look into the bill that proposes building a strategic reserve for Bitcoin. The reserve is worth up to $18.6 billion and can take a serious step towards reshaping how Brazil I’ll think about it Foreign readiness and economic resilience.

Hearing focuses on risk management and diversifying reserves

Bill 4501/2024 proposes to hold up to 5% of Brazil’s Treasury reserves in Bitcoin, framing it in response to hedging currency volatility and rising geopolitical risks. Lawmakers who support the proposal say it’s not about betting on Bitcoin, but about preparing for a financial world that looks very different from what Brazil had planned in the past.

Brazil’s Congress will discuss the creation of a strategic Bitcoin Reserve.
Brazil’s historic step in the global crypto landscape.#Brazil #bitcoin #cryptonnews pic.twitter.com/bqganmuva5

– Just Santana (@kakassanana) August 20, 2025

Experts from all over the industry will talk

This is not just a political form. Deputy Louis Philippe de Orleans E. Braganza has called for a hearing, with Diego Colling, who leads the Bitcoin strategy at Mary’s, and Julia Rosim of Bitso and Abupriptoco. Officials from Brazil’s central bank and the Ministry of Finance are also there, revealing that this is more than just a crypto-only conversation. Also, it’s about fiscal strategy.

Discovered: 20+ Next Cryptocurrency Exploding in 2025

Bitcoin is placed under joint custody

If passed, the bill will place custody of the Bitcoin Reserve in both the central bank and the Treasury. The designers configured it to avoid centralized control and add a layer of monitoring. The law also calls for double annual reports on reserve performance and risk, giving lawmakers and the public a more clear view of how the experiment is progressing.

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The next step involves several approval layers

Once this hearing is over, the bill still has a long way to go. Four important committees must be cleared: economic development, science and innovation, finance and taxation, constitution and justice. If it accomplishes it through that gauntlet, it heads to the full vote in the House and in the Senate, and finally to the President for final approval. The August 20th hearing was just the first test.

Discover: Best New Cryptocurrencies to Invest in 2025

Brazil shows that they are already used to cryptography

Brazil doesn’t start from scratch here. Already one of the most active crypto markets in Latin America, it quickly approves crypto ETFs. Last year, trading volumes approached $76 billion, and the country has been highly praised by global adoption reports. Adding Bitcoin to the national reserves is a major move, but it has no characterization.

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Brazil’s Chamber of Deputies Economic Development Commission will hold its first hearing on Aug. 20 to examine a proposal to establish a Bitcoin Strategic Reserve (RESBit) worth up to $18.6 billion.

As Agência Câmara de Notícias reported, the 3 P.M. ET session will gather technical perspectives on Bill 4501/24, which seeks to modernize Brazil’s treasury management and enhance competitiveness in the global digital economy.

Deputy Luiz Philippe de Orleans e Bragança requested the hearing to collect expert analysis from government agencies and financial institutions regarding the RESBit proposal.

The legislation aims to diversify Brazil’s Treasury assets and protect international reserves against exchange rate fluctuations and geopolitical risks.

Confirmed speakers include Diego Kolling, head of Bitcoin strategy at Méliuz, and Julia Rosim, ABcripto policy working group coordinator and Bitso head of public policy.

Legislative framework and market context

Lawmaker Eros Biondini introduced the legislation, citing successful blockchain integration by countries including El Salvador, the United States, China, Dubai, and the European Union.

The bill assigns custody responsibilities to Brazil’s Central Bank and Finance Ministry and requires biannual reports on RESBit performance and risk assessments.

Brazil leads Latin America in crypto adoption and ranks 10th globally according to Chainalysis’ Geography of Crypto report 2024.

According to Brazilian tax authority data, the country traded nearly $76 billion in crypto last year.

The proposal positions Brazil among nations exploring digital asset reserves as hedges against traditional currency.

Committee review process and approval requirements

Following the hearing on Aug. 20, the proposal enters conclusive analysis by four Chamber committees: Economic Development, Science Technology and Innovation, Finance and Taxation, and Constitution Justice and Citizenship.

Each committee must approve the legislation before advancing to full Chamber consideration.

The bill requires approval from both the Chamber of Deputies and the Senate to become law, establishing a comprehensive legislative review process for the Bitcoin reserve proposal.

Technical input from the hearing will inform committee evaluations and potential text modifications during the review phases.

Orleans e Bragança seeks perspectives from monetary authorities, government officials, banking system representatives, and subject matter experts to refine the proposal text.

The deputy noted the importance of collecting Central Bank technical analysis before committee markup sessions begin to perfect the legislation.

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Brazil and Indonesia conduct meetings with their local stakeholders, adding themselves to the growing list of countries looking to build their own national Bitcoin ($BTC) reserves.

Others include:

Crypto adoption at the highest levels of power, and globally speaking, means the industry is bigger than ever before. More institutional and retail investors are seeing the appeal.

And that’s where projects like Bitcoin Hyper ($HYPER) come into play. An innovative Layer-2 for Bitcoin, the presale has already raised over $7.2M and whales are rushing to buy.

Brazil, Indonesia Conduct Stakeholder Meetings on Bitcoin

Bitcoin Indonesia, Asia’s largest Bitcoin community, revealed via a post on X yesterday that it met with Indonesia’s Vice-President to discuss the country’s potential Bitcoin strategy.

During the meeting, community leaders proposed Bitcoin mining as a national reserve strategy. They shared Michael Saylor’s $BTC price prediction for 2045 ($17.6M by 2045), which will coincide with Indonesia’s 100th year of independence.

According to Bitcoin Indonesia’s post, the Vice-President was bullish on the ideas they presented. Even during global volatility, Bitcoin can be a save haven of long-term financial stability, they argued.

Let’s also not forget that many US investors and institutions are starting to use Bitcoin as a hedge against the impending inflation in the country.

While this is still early stage planning from Indonesia, we’re seeing this trend continue grow as more countries explore this strategy.

That includes Brazil, which will meet with citizens on August 20 to discuss the establishment of a national strategic Bitcoin reserve.

It’s the first-ever crypto public hearing in the country after the introduction of a bill in November 2024. The bill called for the diversification of Brazil’s assets to include Bitcoin and other cryptocurrencies.

Several key figures will attend the meeting, including Diego Kolling, CEO of Bitcoin Strategy at Méliuz, and Rudens Sardenberg, Chief Economist at the Brazilian Federation of Banks.

This shows crypto is receiving attention from the highest levels of authority in Brazil. And this can only increase hopes for crypto-positive legislation in Brazil in the near future.

With so many countries gunning for Bitcoin and crypto, we foresee a bigger influx of investors looking for investment opportunities.

Bitcoin Hyper ($HYPER) is one project that might ride the hype wave due to its unique utility promises. Let’s discuss it below.

Bitcoin Hyper: Delivering the Next Phase of the Bitcoin Ecosystem

While there’s no toppling Bitcoin’s status as the number one cryptocurrency, the blockchain is currently plagued with issues that hinder its growth.

These include slow transaction speeds (7 transactions per second), high fees, and limited scalability. These are understandable, though, since $BTC is the first of its kind, but it’s also true that a lot has changed in the crypto landscape since its launch in 2009.

And modern times require modern solutions, as they way. The Bitcoin blockchain is arguably behind the times, especially given its lack of support for dApps and smart contracts.

This is where Bitcoin Hyper ($HYPER) comes in.

It’s a project aiming to develop a Bitcoin Layer 2 that will add Solana-level speeds, low transaction fees, and expanded capabilities to the Bitcoin ecosystem.

Some of these include support for GameFi, marketplaces, DAOs, and even NFT infrastructures (aside from dApps and smart contracts).

The project has gained a lot of traction since its token presale began in May, and has already raised over $7.2M, making it one of the best presales of 2025.

To support Bitcoin Hyper, you can buy its native $HYPER tokens via its official website. Each one only costs $0.01255, which makes this one of the best low cap coins in August.

Alternatively, you can stake your tokens for 148% APY. When combined with our Bitcoin Hyper price prediction at $0.32 (+2,450%) for the end of 2025, the profit potential is quite high.

For more information on how you can buy and/or stake your $HYPER tokens, be sure to read our Bitcoin Hyper buying guide.

National Bitcoin Reserve: Coming Soon To a Country Near You?

With Brazil and Indonesia beginning to explore national Bitcoin reserves, it’s safe to say that this trend will spread like wildfire in the coming years.

Thanks to the US government spearheading this initiative, there’s even more pressure for other countries to adapt or risk getting left behind.

Bullish news about Bitcoin’s future is naturally beneficial to Bitcoin Hyper ($HYPER) and other related projects too. That’s because they’ll help pave the way for the world’s most valuable crypto to become more important than ever before.

Remember to do your own research before you invest. This is not investment advice.

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Hackers reportedly stole $100 million from the Central Bank of Brazil using security credentials purchased from an alleged insider.

According to a new AP report, the cyberattack targeted Brazil’s popular instant payment system, known as PIX, to steal the massive nine-figure sum.

Hackers were able to pull off the scheme by infiltrating the C&M system, the software company that facilitates connections between financial institutions and the central bank to enable PIX payment transactions.

Police say the hackers used security credentials they allegedly purchased from C&M employee João Roque, who they just arrested. Roque allegedly told investigators he was recruited by the hackers last year and sold them his credentials. The AP was unable to reach Roque’s attorneys for comment.

After gaining access to the C&M system, the hackers initiated fake PIX operations, making off with $100 million in a single night from financial institutions that are plugged into the C&M network.

Police say they are attempting to identify the hackers and that at least four other people participated in the crime. Authorities are also attempting to freeze the suspected stolen assets, and say they have blocked about half the stolen funds connected to the scheme.

In a statement published by local media, C&M says that it is cooperating with authorities and that the breach was likely due to unauthorized access to security credentials, not system flaws.

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Brazil might just become the first country to launch a spot XRP ETF also known as exchange-traded fund, after Hashdex received the green light from the nation’s securities regulator.

The Hashdex Nasdaq XRP Index Fund has entered its pre-operational phase, as confirmed by Brazil’s Securities and Exchange Commission (CVM).

Spot XRP ETFs In Brazil And Growing Global Interest

While a specific launch date has yet to be announced, this fund is expected to be listed on Brazil’s B3 exchange. The approval marks a significant milestone for both the Brazilian crypto market and the global XRP community.

Unlike futures-based ETFs, a spot XRP ETF directly invests in the underlying asset—in this case, XRP—providing investors with straightforward exposure. This development is likely to attract institutional and retail interest, potentially boosting the asset’s credibility and liquidity.

The move in Brazil comes at a time when other jurisdictions, particularly the United States, are considering similar financial products. The US Securities and Exchange Commission (SEC) recently acknowledged a wave of applications for spot XRP ETFs from major players like 21Shares, Bitwise, Grayscale, and CoinShares.

Although these filings are still under review, their acknowledgment signifies a shift in regulatory attitudes toward cryptocurrencies. This shift coincides with a broader change in the US regulatory environment following the reelection of President Donald Trump, a known crypto proponent.

BREAKING: Donald Trump says: “I have signed executive orders to keep the United States at the forefront of artificial intelligence and to end Joe Biden’s war on Bitcoin and crypto. We ended that war totally, that war is over!”

The SEC v. RIPPLE case is coming to an end! #XRP pic.twitter.com/SEUlSCafWE

— JackTheRippler © (@RippleXrpie) February 20, 2025

Under his administration, the SEC has pledged to provide clearer guidelines on digital assets. A newly established crypto task force is now examining which cryptocurrencies fall outside the definition of securities, offering the possibility of more straightforward regulatory pathways for projects like XRP.

XRP Price Performance

Meanwhile, following the news update of Brazil approving what could be the World’s first spot XRP ETF, the asset’s price performance has seen quite an uptick.

Over the past day, XRP’s price has seen a 4.5% increase in price bringing its market valuation to $2.74, at the time of writing.  While this increase in price has managed to put XRP performances in the past week in green it however appears to be insufficient to pull XRP completely out of its recent bearishness.

Zooming out, XRP still remains down by 12.6% in the last month and roughly 19.7% from its all-time high (ATH) of $3.40 recorded back in 2018. 

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