Brazil's proposed Bitcoin Reserve Bill, PL 4501/2023, has successfully passed its first committee review. The legislation aims to establish a sovereign strategic Bitcoin reserve, allowing up to 5% of the country's foreign exchange reserves to be allocated to Bitcoin. If enacted, Brazil would follow El Salvador as the second Latin American nation to legally hold Bitcoin as a reserve asset. Pedro Giocondo Guara, chief of staff to the Brazilian vice president, emphasized the importance of this initiative, describing Bitcoin as 'gold on the Internet' and crucial for national prosperity.