The Philippine Congress has introduced an initiative to create a government-run Bitcoin reserve, potentially marking a legislative first in Asia.
Strategic Bitcoin Reserve Bill
A bill titled the 'Strategic Bitcoin Reserve Act' has been filed in the Philippine Congress, proposing the nation accumulate 10,000 BTC over five years. Congressman Miguel Luis 'Migz' Villafuerte is spearheading this initiative. If passed, this Act will mandate the Bangko Sentral ng Pilipinas to purchase and securely hold Bitcoin.
Potential Impact on Financial System
The proposed Bitcoin reserve, valued at approximately $1.1 billion, aims to bolster the nation's financial structure by hedging against potential global liquidity issues. The strategy involves securing BTC in dispersed facilities under the central bank's guidance, with a 20-year lock-up period, restricting trading or swaps.
Global Context and Inspiration
This legislative proposal may inspire broader adoption of BTC reserves globally. Historically, similar strategies have shown varied results, indicating potential volatility but also substantial asset growth over time.
The legislative initiative to create a Bitcoin reserve in the Philippines marks a significant step towards integrating digital assets into the national financial system, potentially attracting global interest.
