Bitcoin News Today: Philippines Proposes 10000 Bitcoin Strategic Reserve in Landmark Bill

The Philippine Congress is considering a landmark legislative proposal that would direct the central bank to establish a strategic reserve of 10,000 Bitcoin, potentially making the country one of the first in Southeast Asia to adopt the cryptocurrency as a national asset [1]. The bill, titled the “Strategic Bitcoin Reserve Act,” was introduced by Representative Migz Villafuerte in June and has recently drawn significant attention [2]. Under the proposal, the Banko Sentral ng Pilipinas (BSP) would be mandated to purchase 2,000 Bitcoin annually over five years, with the entire reserve held in a trust for at least 20 years [2].

The bill emphasizes the need for the country to diversify its financial assets and strengthen national financial stability by incorporating digital currencies into its strategic holdings [2]. Villafuerte, the bill’s sponsor, described Bitcoin as “digital gold,” referencing its 40% annual growth rate over the past five years and its recent record highs [2]. He further highlighted the importance of aligning with global trends, noting that countries like El Salvador have already begun incorporating Bitcoin into their monetary systems [2].

According to the bill, the 10,000 Bitcoin reserve would be valued at approximately $1.1 billion at current market prices. The coins would be held in a trust and could not be sold, swapped, or disposed of unless specifically required for retiring government debt [2]. The proposal also includes a requirement for the central bank to implement a proof of reserves system, which would ensure transparency by mandating quarterly public reports on the Strategic Bitcoin Reserve, including details on holdings, transactions, and the control of private keys [2].

If passed, the Philippines would surpass El Salvador in Bitcoin holdings. El Salvador’s Bitcoin Office reported it currently holds 6,276 BTC, valued at around $700 million [2]. Meanwhile, Bhutan, another country with a national Bitcoin strategy, holds approximately 10,565 Bitcoin, valued at nearly $1.2 billion [2]. The proposed 10,000 Bitcoin reserve would thus position the Philippines as a major player in the global adoption of digital assets as sovereign reserves.

The bill has not yet been passed into law and will require further legislative review and approval. If implemented, the initiative could represent a significant shift in the global perception of Bitcoin as a legitimate asset class for national financial strategy. It also aligns with ongoing discussions among policymakers worldwide on how to integrate cryptocurrencies into broader economic frameworks, particularly in economies with high exposure to currency volatility [2].

Source:

[1] https://coinmarketcap.com/community/articles/68a86fa38cc28671cee16ef6/

[2] https://www.platinumcryptoacademy.com/

[3] https://www.coingecko.com/en/coins/bitcoin/huf

[4] https://cointelegraph.com/news/philippine-bill-strategic-bitcoin-reserve-10000-btc