The Congress of the Philippines weighs a proposal that can see the central bank of the country has established a strategic reserve of 10,000 Bitcoin, positioning the country in the first of Southeast Asia to adopt Bitcoin as a strategic owner.
A Month Law of the House of Representatives Filed By Camarines Sur Representative Migz Villafuerte in June took titles on Thursday, as the Philippine Center (BSP), the country’s central bank, aims to buy 2,000 Bitcoin (Btc) annually for a five-year period.
The bill, called the “Strategic Bitcoin Reserve Act,” aims to order the BSP to buy 10,000 Bitcoin worth $ 1.1 billion at current market prices. The bill states that the owner can be locked in a trust of at least 20 years. This means that coins cannot be sold, replaced or disposed of, except when the government’s debt is retired.
“This representation is considered to be important that the Philippine -owned strategic ownership such as the BTC will deliver important national interests such as providing financial stability, among others,” Villafuerte wrote, which added that it is necessary for Congress to write new laws aimed at varying -the country’s resources to ensure the country’s security.
The Philippine Bill recommends the “Bitcoin Program” Program “
Lawmakers described Bitcoin as digital gold, citing its annual growth rate of 40% over the past five years and the recent all -time high.
He said the Philippines should be “cash in” with increasing crypto role in global markets, teaching El Salvador and other countries that explore and implement bitcoin reserve techniques.
The Strategic Bitcoin Reserve Act will order the Central Bank to implement a Bitcoin purchase program.
It has appointed the BSP to handle the owner of a minimum of 20 years before deciding whether to continue to handle or sell it.
It will also require the central bank to have a proof-of-reserves system. This will force the Governor of the Central Bank to provide available quarterly public reports on the strategic bitcoin reserve that includes information on the hold, transactions and control of private keys.
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The Philippines can surpass El Salvador’s handles with 10,000 Bitcoin
If approved, the bill may push the Philippines above El Salvador and close to Bhutan in Bitcoin Holdings. El Salvador, a country that Buying bitcoin day -dayhas a total of 6,276 BTC (about $ 700 million), According to At its Bitcoin office.
Meanwhile, the Royal Government of Bhutan has 10,565 Bitcoin, worth about $ 1.2 billion, According to in Arkham intelligence data.
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