Philippine Lawmaker Proposes Establishing National Bitcoin Strategic Reserve
According to Cointelegraph, the Philippine Congress is considering a proposal for the central bank to establish a strategic reserve to purchase 10,000 bitcoins. The proposal was put forward by Camarines Sur Representative Migz Villafuerte, with plans to buy 2,000 bitcoins annually for five years. The bill also requires that the bitcoins be locked in a trust for at least 20 years, only to be accessed for repaying government debt.
Villafuerte believes that the Philippines should reserve strategic assets like bitcoin to ensure financial stability and suggests that Congress formulate new laws to diversify national assets. If the bill passes, the Philippines' bitcoin holdings will exceed those of El Salvador, coming close to Bhutan. El Salvador currently holds 6,276 bitcoins, while Bhutan holds 10,565 bitcoins.
