ChainCatcher news, according to NLNico, Philippine Congressman Migz Villafuerte has submitted Bill HB 421, proposing the establishment of a strategic Bitcoin reserve for the Philippines.

The proposal suggests that the Bangko Sentral ng Pilipinas (BSP) purchase 2,000 bitcoins annually over 5 years, accumulating a total of 10,000 bitcoins and holding them for 20 years, aimed at strengthening national security and debt stability.