Filipino legislator Migz Villafuerte has introduced House Bill 421, which has set up a strategic Bitcoin (BTC) reserve for the Philippines. The bill has the Bangko Sentral of the Philippines (BSP) with the acquisition of 10,000 BTC in the next five years.
Philippines Politician floats strategic Bitcoin Reserve Bill
Under the proposalThe BSP would be responsible for building a national Bitcoin reserve aimed at strengthening financial security by diversifying the monetary assets of the country. The performance of Bitcoin in the past year has strengthened its reputation as a store for value, whereby the digital active one touches a record high of more than $ 124,000 before he withdrew somewhat.
House Bill 421 recommends that the BSP purchases 2,000 BTC annually and within five years aimed at a total of 10,000 BTC. These companies would be locked for at least 20 years to offer long -term debts stability. Villafuerte explained:
It is vital for the Philippines to store strategic assets such as BTC to serve, among other things, an important national interest rate, such as offering financial stability.
During the 20-year holding period, none of the BTC may be sold, exchanged or auctioned in the reserve, except to reduce the government debt. A year before the term expires, the BSP government must give recommendations about whether or not to keep the reserve or gradual sale.
The reserve can be reduced after the minimum holding period. However, sales remain no more than 10% of the total companies every two years.
The bill calls for supervision by the Monetary Board (MB) to guarantee transparency. It also requires that the BSP records updates on the Bitcoin Reserve in its quarterly reports.
Strategic BTC Reserve Trend Picks Momentum
In his speech, Villafuerte mentioned examples of other countries that explore options to set up a strategic bitcoin reserve. For example, the US government is actively When developing his BTC reserve, after the victory of Donald Trump in the presidential elections of November 2024.
Following the US’s footsteps, several countries have expressed the willingness to create their own sovereign BTC reserves. Earlier this year, various Chilean legislators suggested The establishment of a strategic Bitcoin reserve for the South American country.
In the same spirit, Pakistani Minister of Crypto and Blockchain announced In June the establishment of the first strategic BTC reserve of the country. Another South Asian country, Bhutan, already has that stored Huge amounts of bitcoin.
Likewise, Brazil’s Chief of Staff is to the Vice President said Earlier this year, the country can no longer afford to ignore the rising worldwide acceptance of the Bitcoin protocol as a reliable monetary network. At the time of the press, BTC acts at $ 112,420, a decrease of 0.7% in the last 24 hours.
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