Philippines Congressman Pushes Strategic Bitcoin Reserve Bill With 10,000 BTC Goal
Filipino lawmaker Consultant Migz Villafuerte has launched Home Invoice 421, which seeks to determine a strategic Bitcoin (BTC) reserve for the Philippines. The invoice duties the Bangko Sentral ng Pilipinas (BSP) with buying 10,000 BTC over the subsequent 5 years.
Philippines Politician Floats Strategic Bitcoin Reserve Invoice
Below the proposal, the BSP could be liable for constructing a nationwide Bitcoin reserve aimed toward strengthening monetary safety by diversifying the nation’s financial property. Bitcoin’s efficiency over the previous yr has bolstered its popularity as a retailer of worth, with the digital asset hitting an all-time excessive of greater than $124,000 earlier than retreating barely.
Home Invoice 421 recommends that the BSP buy 2,000 BTC yearly, concentrating on a complete of 10,000 BTC inside 5 years. These holdings could be locked in for at least 20 years to offer long-term debt stability. Villafuerte defined:
It’s vital for the Philippines to stockpile strategic property corresponding to BTC to serve essential nationwide curiosity corresponding to offering monetary stability, amongst others.
Throughout the 20-year holding interval, not one of the BTC within the reserve could also be offered, swapped, or auctioned besides to cut back authorities debt. One yr earlier than the time period expires, the BSP governor should present suggestions on whether or not to maintain the reserve or permit gradual gross sales.
After the minimal holding interval, the reserve could also be diminished. Nevertheless, gross sales will stay capped at not more than 10% of whole holdings each two years.
The invoice requires oversight by the Financial Board (MB) to make sure transparency. It additionally requires the BSP to incorporate updates on the Bitcoin reserve in its quarterly stories.
Strategic BTC Reserve Pattern Picks Momentum
In his speech, Villafuerte cited examples of different nations exploring choices of creating a strategic Bitcoin reserve. As an example, the US authorities is actively working on creating its BTC reserve, following Donald Trump’s victory within the November 2024 presidential election.
Following within the US’ footsteps, a number of nations have expressed willingness to create their very own sovereign BTC reserves. Earlier this yr, a number of Chilean lawmakers proposed the creation of a strategic Bitcoin reserve for the South American nation.
In the identical vein, Pakistan’s Minister for Crypto and Blockchain announced in June the creation of the nation’s first strategic BTC reserve. One other South Asian nation, Bhutan, has already stockpiled large portions of Bitcoin.
Equally, Brazil’s chief-of-staff to the Vice President said earlier this yr that the nation can now not afford to disregard the rising international adoption of the Bitcoin protocol as a dependable financial community. At press time, BTC trades at $112,420, down 0.7% prior to now 24 hours.