A bill proposed In Congress of the Philippines will create a government -powered Bitcoin (BTC)The reserve that has not been touched for two decades except for paying the increase in the country’s debt, which sets some of the strict sovereignty of crypto storage.
The suggested Strategic Bitcoin Reserve Act, introduced by Rep. Miguel Luis R. Villafuerte, is leading the Bank Central of the Philippines (BSP) To buy 2,000 BTC annually -in five years for a total of 10,000 BTC.
“The state should promote and maintain the courage of the economy, including financial stability and the converting of peso, especially in times of crisis. With the increase in cryptocurrency role in the world -financial system, it is necessary to take steps aimed at changing -our proposal to ensure financial security,” read the bill. “
Villafuerte’s law sets that the handles will be locked for 20 years, and at that time, Bitcoin can only be sold or replaced for the purpose of retiring the government’s debt. When the handling period ends, the Governor of the Central Bank will be prevented from offloading no more than 10% of the assets in any two-year window.
In January, the country Reported by the Bureau of the Treasury that its national debt hits $ 285 billion, or 60% of its GDP.
Villafuerte wrote on the bill that he was inspired by commodity -style reserves such as Canada’s US Strategic Petroleum Reserve or Maple Syrup Stockpile.
To ensure stability, the country’s central bank will establish geographic scattered cold storage facilities nationwide, the quarterly has been audited by a public testimony of cryptographic and have been proven by independent third parties.
The bill states that forks and airdropped property -owners should also be maintained for at least five years, and emphasizes that private ownership of BTC will not be violated, with promises that the crypto holders of citizens will not be subject to confiscation.
