PANews reported on November 27 that according to Crypto.news, members of the Brazilian House of Representatives have proposed to allocate 5% of the country's $370 billion treasury to Bitcoin strategic reserves. The proposed Bitcoin bill would limit Brazil's Bitcoin reserves to approximately $18.5 billion.

Brazil's Chamber of Deputies (the country's lower house of Congress) must first approve the bill before it can be sent to the Federal Senate (the upper house). If members of the Federal Senate support the proposal, it will then be sent to Brazil's president for approval to become law.