According to Decrypt, Pedro Giocondo Guerra, senior adviser to Brazil's vice president, said in a recent speech: "Bitcoin's strategic reserves are crucial to national prosperity. Discussions on establishing BTC reserves may be a key factor in determining Brazil's prosperity and are in the interests of the country and the public." Brazilian MP Eros Biondini (PL-MG) has previously proposed a legislation that proposes the establishment of a “Strategic Sovereign Bitcoin Reserve” (RESBit). Holding 5% of the foreign exchange reserves (international reserves) as Bitcoin, the Brazilian central bank will use advanced monitoring systems, blockchain technology and artificial intelligence to monitor transactions and be responsible for custody.