The Philippine lawmaker MIGZ Villafuerte introduced the House of Representatives Act 421 to establish strategic Bitcoin (BTC) reserves in the Philippines. The bill acquires 10,000 BTCs in the Philippines’ Bangko Senter (BSP) over the next five years.
Philippine politicians remind us of strategic Bitcoin protection zones.
Below proposalBSP is responsible for establishing a national Bitcoin protection zone aimed at strengthening financial security by diversifying its monetary assets. Over the past year, Bitcoin’s achievements have increased their reputation as a store of value, and digital assets have recorded more than $ 124,000 before retreat.
House Bill 421 is a total of 10,000 BTCs in five years, with BSP purchased 2,000 BTC every year. This stake will be fixed for at least 20 years to provide long -term debt stability. Villafuerte explained:
It is important for the Philippines to store strategic assets such as BTC.
During the 20 -year retention period, either BTC of the reserve BTC cannot be sold, exchanged or auctioned except to reduce government debt. One year before the expiration of the period, the Governor of the BSP must provide recommendations about whether to maintain a reserve or to allow gradual sales.
The reserve may be reduced after the minimum retention period. However, sales do not have to exceed 10%of the total shares every two years.
This bill requires the supervision of MB (Monetary Board) to ensure transparency. In addition, BSP must include an update for Bitcoin Reserve in the quarterly report.
Strategic BTC Preliminary Trend Recommendation Momentum
In his speech Villafuerte cited examples of other countries that explore the options to establish strategic Bitcoin protection zones. For example, the US government is I work actively In the November 2024 Presidential Election, Donald Trump developed the BTC protection area.
According to the footsteps of the United States, various countries expressed their willingness to create their own BTC reserves. Earlier this year, some Chilean lawmakers proposal Established strategic Bitcoin Protection Zone for Latin American countries.
In the same context, Pakistan’s encryption and blockchain minister presentation In June, the first strategic BTC protection zone was established. Bhutan, another South Asian country, is already reserve A large amount of bitcoin.
Similarly, the vice president of Brazil Sayed Earlier this year, the country can no longer afford to ignore the global adoption as a reliable currency network of the Bitcoin protocol. In the press time, the BTC has fallen 0.7% over the last 24 hours to $ 112,420.
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