A member of the Philippine Congress has launched a invoice that will require the nation’s central financial institution to start accumulating Bitcoin, setting one of many boldest crypto coverage agendas but in Southeast Asia.
Constructing a long-term BTC reserve
Consultant Migz Villafuerte filed the “Strategic Bitcoin Reserve Act” in June, calling on the Bangko Sentral ng Pilipinas (BSP) to buy 2,000 BTC yearly over a five-year interval. At present market costs, this system would price greater than $1.1 billion and end in a sovereign reserve of 10,000 BTC.
The laws specifies that the reserve can be positioned in long-term belief, with cash locked for at the very least 20 years. The one exception can be in instances the place the property are wanted to retire authorities debt, making certain that Bitcoin serves as a nationwide backstop fairly than a tradable holding.
Monetary diversification and safety
Villafuerte described Bitcoin as a “trendy strategic asset,” evaluating its position to that of digital gold. By anchoring a part of the nation’s reserves in BTC, he argued, the Philippines may diversify its steadiness sheet, scale back dependence on foreign exchange, and enhance its monetary safety in a shifting world economic system.
“The Strategic Bitcoin Reserve Act acknowledges Bitcoin as a vital reserve asset for the digital age,” Villafuerte stated in remarks accompanying the submitting.
Transparency measures included
The proposal additionally introduces a proof-of-reserves system, requiring the BSP to publish quarterly experiences disclosing its Bitcoin holdings, transaction historical past, and custody preparations. Such measures goal to bolster public belief and forestall misuse of nationwide crypto reserves.
If adopted, the invoice would make the Philippines one of many first nations in Asia to mandate sovereign Bitcoin accumulation, positioning the nation alongside early movers like El Salvador in treating BTC as a cornerstone of monetary technique.
