A Philippine lawmaker has launched a measure that will require the central financial institution to construct a strategic Bitcoin reserve, marking one of the crucial bold crypto coverage proposals in Southeast Asia.
Consultant Migz Villafuerte filed the “Strategic Bitcoin Reserve Act” in June, calling for the nation’s central financial institution, Bangko Sentral ng Pilipinas (BSP), to buy 2,000 Bitcoin (BTC) yearly over 5 years.
At present costs, the plan would price greater than $1.1 billion and set up a ten,000 BTC reserve locked in belief for not less than 20 years.
Bid for monetary safety
The proposal outlines a “Bitcoin Buy Program” that will make the BSP a long-term holder of the digital asset. The reserve could be barred from being offered or transferred besides in instances of retiring authorities debt.
Villafuerte described Bitcoin as a contemporary strategic asset that might diversify the nation’s stability sheet and improve monetary safety, likening it to digital gold.
The measure would additionally require the central financial institution to introduce a proof-of-reserves system, with quarterly public disclosures detailing holdings, transactions, and custody preparations.
World context
If enacted, the Philippines might surpass El Salvador’s 6,276 Bitcoin holdings and rival Bhutan, which owns about 10,565 cash.
El Salvador has led world adoption since declaring Bitcoin authorized tender in 2021, whereas Bhutan’s sovereign funding arm has quietly accrued massive reserves.
At present ranges close to $116,850 per coin, the Philippines’ proposed reserve would characterize a considerable sovereign dedication to Bitcoin, positioning the nation among the many world’s largest state-level holders.
The invoice faces congressional debate within the months forward as policymakers weigh the dangers and potential advantages of tying a portion of the nation’s monetary future to the unstable crypto market.
