PANews reported on June 12 that according to Cryptonews, the PL 4501/2023 bill proposed by Brazilian Federal Congressman Eros Biondini received supportive opinions from the Economic Development Committee of the country's House of Representatives. The bill proposes the creation of the "RESBit" national Bitcoin reserve, allowing up to 5% of foreign exchange reserves to be allocated to Bitcoin.

Luis Gastão, the rapporteur of the proposal, pointed out that Bitcoin reserves can help Brazil achieve asset diversification and reduce its sole reliance on legal tender. According to the plan, the Brazilian Central Bank and the Ministry of Finance will use strict security protocols such as cold wallets to manage reserves and submit audited transparency reports to Congress every six months. The bill still needs to be reviewed by the Science and Technology, Constitutional and Financial Committees. If it is finally approved, Brazil may become the second country after El Salvador to legislate to establish Bitcoin reserves.