A bold proposal in the Philippines seeks to create a 10,000 BTC sovereign reserve. House Bill 421, introduced by Congressman Miguel Luis Villafuerte, directs the Bangko Sentral ng Pilipinas to purchase 2,000 BTC each year for five years. The assets would be held in cold storage for at least 20 years.
The bill restricts sales during the holding period, except to repay government debt. Afterward, no more than 10% of the reserve could be sold within a two-year span, ensuring long-term sustainability.
Villafuerte stressed Bitcoin’s importance in strengthening national economic resilience, aligning the Philippines with nations like El Salvador and Bhutan that treat BTC as a strategic asset. The U.S. and China also hold large Bitcoin reserves, mostly confiscated.
According to Bitbo, governments worldwide hold about 517,296 BTC, or 2.46% of supply. If enacted, this legislation would mark a significant milestone in Bitcoin’s adoption as a sovereign financial instrument.
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