Chain News Daily Official TheBitTimes.com

A congressman from Brazil has officially proposed a bill to establish a strategic Bitcoin reserve in the country: the Bitcoin Sovereign Strategic Reserve. The Reserva Estratégica Soberana de Bitcoins (RESBit) aims to diversify the country’s Treasury. According to Portal do Bitcoin, a Brazilian media platform, Congressman Eros Biondini filed the proposal on Monday. https://twitter.com/watcherguru/status/1861465673064411525?s=46 “The creation of RESBit is a strategic measure that positions Brazil as a leader in the new digital economy, reducing economic risks and expanding opportunities for technological and financial development,” wrote Biondini in the justification for the bill. “The approval of this project is essential to guarantee the country’s economic sovereignty and align Brazil with global innovation trends.” As presented, the bill stipulates planned and gradual acquisitions of Bitcoin, up to 5% of Brazil’s national reserves. Biondini’s proposal would also...

If approved, the legislation would place crypto assets held by Brazilians overseas subject to the same tax rules governing traditional assets. Brazilian lawmakers are moving forward with a legislation that would raise taxes on cryptocurrencies held overseas. According to local reports, a congressional committee has approved amendments to a bill that recognizes cryptocurrencies as "financial assets" for tax purposes in foreign investments. In addition, the bill taxes gains on crypto asset fluctuations against Brazil's fiat currency, as well as income from fluctuations in the exchange rate of foreign fiat currencies. According to congressman Merlong Solano, the revision seeks to promote equal tax treatment since crypto investments abroad currently receive lower tax breaks. The legislation places crypto assets held by Brazilians overseas under the same tax rules as traditional assets. The changes could make local exchanges less costly options for some investors, in part...