A Filipino legislator has introduced a measure that would require the central bank to build a strategic Bitcoin reserve, which marks one of the most ambitious crypto policy proposals in Southeast -Asia.
Representative Migz Villafuerte submitted the “Strategic Bitcoin Reserve Act” in June and called for the central bank of the country, Bangko Sentral NG Pilipinas (BSP), to buy 2,000 bitcoin (BTC) for more than five years.
At the current prices, the plan would cost more than $ 1.1 billion and a reserve of 10,000 BTC that has been locked in confidence for at least two decades.
Bid on financial security
The proposal outlines a “Bitcoin purchase program” that the BSP would make a long-term holder of the digital active. The reserve would be excluded from sold or transferred, except in cases of deducting government debt.
Villafuerte described Bitcoin as a modern strategically active that could diversify the balance of the nation and improve financial security, comparing digital gold.
The measure would also require that the Central Bank introduces a proof-of-reserves system, with three-month public disclosures with details about holdings, transactions and guardianship schemes.
Global context
If determined, the Philippines could surpass the 6,276 Bitcoin Holdings and rival Bhutan of El Salvador, which has approximately 10,565 coins.
El Salvador has led worldwide acceptance since the Bitcoin statement statutory tender in 2021, while the sovereign -poor investment of Bhutan has quietly collected large reserves.
At the current levels near $ 116,850 per coin, the proposed reserve of the Philippines would represent a substantial sovereign dedication to Bitcoin, making the country one of the world’s largest holders at state level.
The bill is confronted with the conference debate in the coming months, because policy makers weigh the risks and potential benefits of binding part of the financial future of the country to the Volatile Crypto market.
