Representative Migz Villafuerte has proposed a bill to establish a strategic Bitcoin reserve in the Philippines.
Bill on Strategic Bitcoin Reserve
A bill has been introduced in the lower house of the Philippine Congress to create a government-run Bitcoin reserve. The proposed legislation, dubbed the Strategic Bitcoin Reserve Act, aims to implement a purchase program that would accumulate up to 2,000 bitcoins annually for five years, totaling a reserve of 10,000 bitcoins.
Conditions for Reserve Management
According to the rules proposed by the bill, a year before the 20-year lock-up period ends, the BSP governor would be required to submit recommendations to Congress on whether to extend the reserve or allow a partial release. The act restricts the disposal of bitcoins, permitting no more than 10 percent of the assets to be sold within any two-year span.
Philippines Reacts to International Developments
The Philippine proposal comes amid global trends of integrating Bitcoin into the financial systems of other countries. Villafuerte noted that Switzerland is among the countries discussing adding BTC to its official reserves alongside gold, with Poland and Hong Kong considering similar moves. He emphasized the necessity of stockpiling strategic assets like BTC to serve national interests.
The proposed Strategic Bitcoin Reserve Act may represent a significant step for the Philippines towards diversifying its financial assets and enhancing economic resilience.
