Brazil's House of Representatives will convene on 20 August to evaluate a bill proposing the creation of a national Bitcoin reserve. If approved, the legislation would allow up to 5% of the nation's treasury reserves, equivalent to nearly$15 billion, to be invested in Bitcoin.

The hearing will involve several key institutions, including the Central Bank of Brazil, the Ministry of Finance, a crypto advocacy group, and financial sector stakeholders.

Supporters of the bill claim that a Bitcoin reserve would shield Brazil's foreign reserves from currency volatility and geopolitical threats. They also argue it would encourage broader adoption of blockchain technologies.

The proposal follows similar global movements. India and Sweden are also rumoured to be exploring similar strategies.

Reactions in Brazil are mixed. While Vice President Alckmin's chief of staff praised the initiative, calling Bitcoin' digital gold,' officials at the Central Bank have cautioned against integrating crypto into official reserves.