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

The Philippine legislature has introduced measures that would require the central bank to build a strategic bitcoin reserve and mark one of the most ambitious crypto policy proposals in Southeast Asia.

MiGz Villafuerte’s representative filed “Strategic Bitcoin Reserve” in June in June and called for the central bank of Bangko Central of Filipin (BSP) to buy 2,000 Bitcoins (BTC) annually for five years.

At current prices, the plan would cost more than $ 1.1 billion and set up a reserve of 10,000 BTC locked in confidence for at least two decades.

Offer for financial security

The proposal outlines the “Bitcoin Purchase Program”, which would make the BSP a long -term holder of a digital asset. The reserve would be forbidden to sell or transfer, except for the retirement of government debt.

Villafuerte described Bitcoins as a modern strategic benefit that could diversify the balance of the nation and increase financial security and compare it to digital gold.

The measures would also require the central bank to introduce a system of evidence of preservation, and the quarterly published publication describes in detail the possession, transactions and custody arrangements.

Global context

If they were enacted, the Philippines could overcome 6,276 Bitcoin Holdings Salvador and the opponent of Bhutan, which is about its own 10 565 coins.

Salvador has Global Adoption Since 2021, he has declared the legal currency of bitcoins, while the Bhutan sovereign investment arm quietly accumulated large reserves.

At the current levels of nearly $ 116,850 per coin, the proposed reserve of the Filipin The world’s largest holders in the world.

The bill faces congress debate in the coming months, as politicians weigh the risks and potential benefits of tying part of the financial future of the nation to the volatile crypto market.