The Philippines is making strides to strengthen its position in the crypto landscape by proposing a bill for a 10,000 BTC reserve.
Bitcoin Reserve Bill
House ICT Committee chair and Camarines Sur Representative Migz Villafuerte has filed House Bill 421 urging the Bangko Sentral ng Pilipinas (BSP) to create a national reserve of 10,000 BTC. The plan involves the BSP purchasing 2,000 bitcoins each year for five years. The reserve will be securely stored in cold storage across the Philippines and will be locked for at least 20 years to protect the nation’s wealth.
Conditions on Reserve Usage
The bill sets strict guidelines for managing the bitcoin reserve. The funds could only be used to pay off government debt. One year before the 20-year lock-up period ends, the BSP Governor must advise Congress on whether to retain or release portions of the reserve. Even after the lock-up, no more than 10% of the reserve can be sold every two years.
Global Bitcoin Adoption
The bill also highlights how countries like El Salvador, Switzerland, and Brazil are embracing Bitcoin. Other nations, such as Malaysia, Thailand, and Hong Kong, are considering Bitcoin reserves, while Russia is already utilizing digital assets in international trade. If passed, the Philippines would become the first country in Asia to establish an official government-operated Bitcoin reserve.
The proposal for a bitcoin reserve in the Philippines underscores the growing interest in cryptocurrencies at the government level and the need for asset diversification to ensure financial stability.
