While individual customers could face price increases for digital services, public coffers could swell by US$200mn.
Reuters reported that the Brazilian carrier hired Bank of America Merrill Lynch to sell non-core assets such as towers and datacenters.
Argentina is also involved in talks to end roaming fees within the Mercosur trading bloc.
Brubank opens its digital doors for business, joining Wilobank, as others prepare to launch operations.
The budget includes cuts of around 35% to several government units and ministries related to the telecommunications industry.
Reports emerged that Brazil's finance team wants to close Ceitec as part of a cost-cutting drive, but the science and communications minister denied a decision has been made.
The Argentine provider will work with several players to deliver next generation high-speed internet.