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The Brazilian Bitcoin Reserve Bill passed its first committee review.
According to Bitcoin News, Brazil's Bitcoin Reserve Bill 4501/2023 has crossed the first committee review stage. The bill proposes the creation of a "RESBiT" mechanism, which plans to use up to 5% of Brazil's foreign exchange reserves for Bitcoin allocation. Once the bill is finally passed, Brazil will become the second country in Latin America after El Salvador to establish a fiat bitcoin reserve.
Source: Wu Says, Bitcoin News
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