Philippine Congressman Migz Villafuerte has introduced a bill proposing the establishment of a national Bitcoin reserve of 10,000 BTC. This move aims to enhance the country’s national security.
Bitcoin Reserve Bill
Migz Villafuerte introduced House Bill 421, known as the Philippine Strategic Bitcoin Reserve Act. The bill mandates the acquisition of 2,000 BTC annually over five years to build a 10,000 BTC reserve.
Management of the Reserve and Its Significance
The initiative will be overseen by the Bangko Sentral ng Pilipinas (BSP), which will handle cold storage and quarterly proof-of-reserves. Villafuerte refers to the reserve as "digital gold."
Potential Impacts and Comparison with Other Countries
The legislation could reshape the financial landscape in the Philippines as BTC takes on a significant role in national security. There are no immediate global reactions, but comparisons can be drawn with strategies in El Salvador and Bhutan.
The proposed Bitcoin reserve may influence the future financial policies of the Philippines and its engagement with digital assets.