Philippines evaluates a bitcoin reserve: bill proposes to accumulate 10,000 BTC

By Hannah Pérez

The bill would require the Central Bank to buy 2,000 bitcoin annually for five years and keep the assets for at least two decades.

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• Philippines Bitcoin’s next sovereign whale of the world?
• Bill in the Philippines proposes to the State Buy 2,000 BTC annually for 5 years.
• They would not sell a bitcoin for at least two decades.
• If approved, the Philippines would become a world reference for adoption of Bitcoin.

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Philippines could become the next accumulating nation of Bitcoin (BTC) Now that a Filipino congressman has presented a bill so that the country in southern Asia adopts the cryptocurrency for its national reserve.

The representative Miguel Luis Villafuerte introduced the bill, identified as the “No. 421”, before the Chamber of Representatives of the Philippines, proposing that the nation accumulates Bitcoin As part of its national reserves, with the aim of strengthening economic stability and reducing the dependence of the US dollar.

Entitled “Strategic Bitcoin Reserve Act“ The legislation would entrust to the Central Bank of the Philippines to acquire up to 2,000 BTC annually for five years, reaching a total of 10,000 BTC currently valued at more than one billion US dollars. Assets would be stored in cold wallets with the aim of protecting private keys and minimizing risks of piracy attacks.

According to the text of the document, which was shared in the social network X and collected by various news media, the purpose is to promote economic prosperity and monetary stability in times of crisis, diversifying the cash assets of the State.

The law proposes to maintain Bitcoins In the long term, prohibiting the State selling for at least 20 years, except when it intends to reduce public debt. The proposal includes regular audits and quarterly public reports on possession.

Villafuerte emphasized the need for the Philippines to accumulate “strategic assets such as BTC to serve important national interests, such as providing financial stability“In addition, he described Bitcoin as “Digital Gold”For its appreciation over the years.

Bitcoin It reached last week a new historical price of more than USD $ 124,000 amid a 90% growth in the last 12 months and more than 850% in the last five years. Its price at the time of edition is USD $ 116,900.

If the plan is carried out, the reservations of Bitcoin From the Philippines they could overcome the holdings of El Salvador of 6,276 BTC and would approach 10,565 BTC in the coffin of the Butan Buddhist kingdom, two nations that actively accumulate cryptocurrency.

In social networks, Philippine cryptocurrency enthusiasts have reacted with optimism, highlighting the potential of this measure to position the country into the crypto map and make the Philippines an Asian reference in the state adoption of Bitcoin.

The initiative is aligned with strategies adopted by nations such as the United States, where an executive order signed by President Donald Trump this year authorized the creation of a similar strategic reserve of Bitcoin from seized assets. The United States is the nation with greater holdings of Bitcoin with a total of 198,021 BTC, according to data from Bitcoin Treasuries.

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Article written with the help of AI, edited by Diariobitcoin

Image generated with AI, under free use license

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