The Philippine Congress is considering a proposal to create a strategic reserve of 10,000 Bitcoin, potentially making it one of the first Southeast Asian nations to recognize Bitcoin as a strategic asset. A bill introduced by Representative Migz Villafuerte mandates the Banko Sentral ng Pilipinas (BSP) to acquire 2,000 Bitcoin annually over five years, totaling approximately $1.1 billion at current prices. The proposed 'Strategic Bitcoin Reserve Act' stipulates that these assets be held in trust for at least 20 years, restricting their sale except for government debt retirement. Villafuerte emphasizes the importance of accumulating strategic assets like Bitcoin for national financial stability and urges Congress to diversify the country’s asset portfolio. He likens Bitcoin to digital gold, highlighting its impressive growth and the need for the Philippines to engage with the evolving crypto landscape. If enacted, this legislation could position the Philippines ahead of El Salvador and close to Bhutan in Bitcoin reserves. Read more AI-generated news on: https://app.chaingpt.org/news

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