Overview

A new legislative proposal in the Philippines aims to establish a government-run Bitcoin reserve. This reserve is intended to be locked for 20 years solely to alleviate rising national debt.

Key Aspects of the Bill

• Annual BTC Purchase: The bill outlines an annual procurement of 2,000 BTC over five years, culminating in a total of 10,000 BTC, to diversify national assets.
• Security Measures: The Bangko Sentral ng Pilipinas (BSP) is tasked with creating secure storage facilities for the Bitcoin, under strict audit protocols.
• Private Ownership: The legislation also reassures that the private ownership of Bitcoin will not be compromised.

Legislative Intent

“The State shall promote and maintain economic prowess…It is imperative to enact measures aimed at diversifying our assets to ensure financial security,” states the proposed bill, reflecting a growing recognition of cryptocurrency’s role in modern finance.

The proposed reserve is modeled after traditional stockpiles like oil and commodities, indicating a significant shift towards integrating digital assets into national financial strategies.