Philippine Bill Proposes Government Bitcoin Reserve to Address National Debt
A proposed bill in the Philippine Congress aims to establish a government-run bitcoin reserve with strict regulations. Key points include:
- The Strategic Bitcoin Reserve Act mandates the Bangko Sentral ng Pilipinas (BSP) to acquire 2,000 BTC annually for five years, totaling 10,000 BTC.
- Holdings are locked for 20 years, with sales only permitted to reduce government debt.
- Post-lock period, the central bank can sell a maximum of 10% of assets every two years.
- The national debt currently stands at $285 billion, approximately 60% of GDP.
- The bill draws inspiration from reserves like the U.S. Strategic Petroleum Reserve.
- Cold-storage facilities will be established nationwide, audited quarterly by independent parties.
- Forks and airdropped assets must be retained for at least five years, ensuring private ownership of BTC remains unaffected.