Brazil's Central Bank plans to create a reserve of BTC.
Acryptoinvest.news: Brazil could see major changes in the country's financial policy as its central bank considers adding Bitcoin to its official reserves.
According to local media reports, the Central Bank of Brazil will send a group of its staff to attend the autumn meetings of central banks in Rio de Janeiro next month. The use of Bitcoin was discussed at the event. Bitcoin and other cryptocurrencies used by national reserve managers will be discussed alongside other topics such as stablecoins and central bank digital currencies.
The event will bring together reserve managers and financial authorities from across Latin America to share strategies for navigating the changing global economic landscape. Topics discussed include the integration of Bitcoin (BTC) into sovereign reserves. Representatives from Brazil plan to collaborate with colleagues from Colombia, Jamaica, and the Bahamas.
This new initiative follows previous steps by Brazil's legislature, where politicians held formal hearings on a proposal to create a $19 billion sovereign Bitcoin reserve, soliciting input from various industry experts on technical issues. The bill's authors view BTC as a hedge against inflation and a strategic asset of global significance.
These developments indicate that the country is taking real steps to evaluate Bitcoin's place in its national reserves, indicating that digital assets are attracting attention at the political level.
Brazil joins global Bitcoin reserve movement
Brazil's initiative also comes amid broader global shifts, as governments around the world explore similar strategies. The US initiative to create a Bitcoin strategic reserve sets a benchmark for other countries considering digital assets as national stores of value.
In Europe, Germany's second-largest political party recently introduced a proposal to parliament to create a strategic national reserve of bitcoin, urging Berlin to consider the cryptocurrency giant as a hedge against inflation and currency risks.
In Asia and Latin America, countries like the Philippines and Pakistan are also considering legislation allowing strategic assets in Bitcoin. These signs indicate that, while only a few central banks currently hold this asset as a reserve, the concept is quickly evolving from a niche to a mainstream one.
If more countries follow suit and convert interest into real reserves, it could change the way governments around the world approach digital currencies.
Source: cryptonews.net
