Filipino Congressman Proposes Legislation for National Bitcoin Reserve
Filipino congressman Miguel Luis “Migz” Villafuerte has introduced legislation to incorporate Bitcoin into the Philippines' sovereign reserves. Key points include:
- House Bill 421 mandates the Bangko Sentral ng Pilipinas (BSP) to acquire up to 2,000 BTC annually for five years, aiming for a total reserve of 10,000 BTC.
- The Bitcoin will be stored in cold storage across multiple secure facilities to mitigate risks.
- Villafuerte advocates for diversifying beyond reliance on US dollar and gold, viewing Bitcoin as "digital gold" that enhances financial security.
- The proposal references global examples, including El Salvador's accumulation strategy and discussions in Brazil, Switzerland, and Poland.
- The BSP cannot sell or use the Bitcoin for 20 years unless for retiring government debt.
- One year before the lock-up ends, the BSP must report to Congress on the future of the reserve strategy.
If approved, this would make the Philippines the first Asian nation to establish a sovereign Bitcoin reserve strategy.