Philippines Considers Bitcoin Reserve With 10,000 BTC Goal
Philippines Congressman Pushes for Bitcoin Reserve
Philippine Representative Migz Villafuerte has introduced House Bill 421, proposing the establishment of a strategic Bitcoin (BTC) reserve for the Philippines. The bill tasks the Bangko Sentral ng Pilipinas (BSP), the country's central bank, with acquiring 10,000 BTC over the next five years.
Details of the Proposed Bitcoin Reserve
The proposal outlines that the BSP would build a national Bitcoin reserve to diversify the country’s monetary assets and strengthen financial security. Bitcoin's performance has reinforced its reputation as a store of value.
House Bill 421 suggests the BSP purchase 2,000 BTC annually to reach the 10,000 BTC target within five years. These holdings would be locked in for a minimum of 20 years to provide long-term debt stability. According to Villafuerte, stockpiling strategic assets like BTC is vital for national interests, including financial stability.
It is vital for the Philippines to stockpile strategic assets such as BTC to serve important national interest such as providing financial stability, among others.
During the 20-year holding period, the bill stipulates that no BTC in the reserve may be sold, swapped, or auctioned except to reduce government debt. One year before the term expires, the BSP governor must provide recommendations on whether to keep the reserve or allow gradual sales. Sales after the minimum holding period would be capped at no more than 10% of total holdings every two years.
The Monetary Board (MB) would oversee the reserve to ensure transparency, and the BSP would include updates on the Bitcoin reserve in its quarterly reports.
Global Trend of Strategic Bitcoin Reserves
Villafuerte cited other countries exploring strategic Bitcoin reserves. The US government is reportedly developing its BTC reserve. Other countries, including Chile, Pakistan and Brazil, have expressed interest in creating sovereign BTC reserves. Bhutan has already stockpiled significant amounts of Bitcoin.
At press time, BTC trades at $112,420, down 0.7% in the past 24 hours.
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