Philippine lawmaker Migutu Villaraferte has introduced House Bill 421, which aims to establish a strategic Bitcoin (BTC) reserve for the Philippines. The bill will win 10,000 BTC over the next five years and adopt the Philippines’ Banco Central (BSP).
Philippine politicians float strategic Bitcoin Reserve Bill
Under suggestionBSP will be responsible for building a national Bitcoin Reserve, with the aim of enhancing financial security by diversifying the country’s financial assets. Bitcoin’s performance over the past year has bolstered its reputation as a valuable store, with digital assets reaching its all-time highs, surpassing $124,000 before retreating slightly.
House Bill 421 recommends that BSP purchase 2,000 BTC per year, targeting a total of 10,000 BTC within five years. These holdings are locked for a minimum of 20 years to provide long-term debt stability. Villafuerte explained:
It is important that the Philippines stockpile strategic assets such as BTC helps, among other things, in its important national interests, such as providing financial stability.
During its 20-year holding, none of the BTCs in the reserve can be sold, exchanged or auctioned, except to reduce government debt. A year before the expiration date, the BSP governor should provide recommendations on whether to maintain a reserve or allow progressive sales.
After the minimum holding period, reserves may be reduced. However, sales close every two years with less than 10% of total holdings.
The bill calls for oversight by the Monetary Commission (MB) to ensure transparency. Additionally, BSPs must include updates to their Bitcoin Reserve in their quarterly reports.
Strategic BTC reserve trends take momentum
In his speech, Villafuerte cited examples of other countries exploring the options to establish strategic Bitcoin reserves. For example, the US government is I work proactively On the development of the BTC reserve following Donald Trump’s victory in the November 2024 presidential election.
Following in the US footsteps, several countries have expressed their willingness to create their own sovereign BTC reserves. Several Chilean lawmakers earlier this year suggestion The creation of a strategic Bitcoin Reserve for the South American country.
Similarly, Pakistan’s Minister of Cryptocurrency and Blockchain announcement In June, the country’s first strategic BTC reserve was established. Another South Asian country, Bhutan already has it Stockpiling Lots of Bitcoin.
Similarly, the Chief of Staff to Brazil’s Vice President I said Earlier this year, the country could no longer afford to ignore the global adoption of Bitcoin protocol as a reliable currency network. At press time, BTC will trade at $112,420, a 0.7% decrease over the past 24 hours.
Unsplash.com featured images, world population reviews, and charts on cordingView.com
Editing process Bitconists focus on delivering thorough research, accurate and unbiased content. We support strict sourcing standards, and each page receives a hard-working review by a team of top technology experts and veteran editors. This process ensures the integrity, relevance and value of your readers’ content.
