Philippines lawmaker introduces legislation to acquire 10,000 Bitcoin for national security reserve

A Philippine lawmaker has introduced a measurement that would necessitate the cardinal slope to physique a strategical Bitcoin reserve, marking 1 of the astir ambitious crypto argumentation proposals successful Southeast Asia.

Representative Migz Villafuerte filed the “Strategic Bitcoin Reserve Act” successful June, calling for the country’s cardinal bank, Bangko Sentral ng Pilipinas (BSP), to acquisition 2,000 Bitcoin (BTC) annually implicit 5 years.

At existent prices, the program would outgo much than $1.1 cardinal and found a 10,000 BTC reserve locked successful spot for astatine slightest 2 decades.

Bid for fiscal security

The connection outlines a “Bitcoin Purchase Program” that would marque the BSP a semipermanent holder of the integer asset. The reserve would beryllium barred from being sold oregon transferred but successful cases of retiring authorities debt.

Villafuerte described Bitcoin arsenic a modern strategical plus that could diversify the nation’s equilibrium expanse and heighten fiscal security, likening it to integer gold.

The measurement would besides necessitate the cardinal slope to present a proof-of-reserves system, with quarterly nationalist disclosures detailing holdings, transactions, and custody arrangements.

Global context

If enacted, the Philippines could surpass El Salvador’s 6,276 Bitcoin holdings and rival Bhutan, which owns astir 10,565 coins.

El Salvador has led planetary adoption since declaring Bitcoin ineligible tender successful 2021, portion Bhutan’s sovereign concern limb has softly accumulated ample reserves.

At existent levels adjacent $116,850 per coin, the Philippines’ projected reserve would correspond a important sovereign committedness to Bitcoin, positioning the state among the world’s largest state-level holders.

The measure faces legislature statement successful the months up arsenic policymakers measurement the risks and imaginable benefits of tying a information of the nation’s fiscal aboriginal to the volatile crypto market.

The station Philippines lawmaker introduces authorities to get 10,000 Bitcoin for nationalist information reserve appeared archetypal connected CryptoSlate.