Philippine Congressman Proposes Bill for Central Bank to Purchase 10,000 BTC
The Philippines advances a proposal to create a Strategic Bitcoin Reserve, with the Bangko Sentral ng Pilipinas set to accumulate 10,000 BTC under strict management and a 20-year lockup.
Philippine Congressman Miguel Luis Villafuerte has filed House Bill 421, proposing that the Bangko Sentral ng Pilipinas acquire 10,000 BTC over five years to create a strategic reserve. The bill outlines strict conditions for acquisitions, storage, and sales, with yearly purchases of 2,000 BTC and a 20-year lockup period. The proposal aims to position the Philippines as a leader in sovereign Bitcoin reserves, with the potential to enhance financial stability. The bill faces hurdles in the legislative process, despite growing global interest in sovereign BTC holdings.
- Bitcoin (BTC): A decentralized digital currency, created and held electronically, that operates without a central authority such as a government or bank.
- House Bill 421: A legislative proposal in the Philippine Congress directing the Bangko Sentral ng Pilipinas to accumulate up to 10,000 BTC over five years as sovereign reserves.
- Cold Storage: A method of storing cryptocurrencies offline to protect them from hacks and unauthorized access.