Philippine House proposes 'Strategic Bitcoin Reserve' bill… Plan to acquire 10,000 BTC over 5 years
Minseung Kang
Summary
- It was reported that a bill to establish a national Bitcoin reserve has been proposed in the Philippine House of Representatives.
- The bill states that the Bangko Sentral ng Pilipinas will purchase 2,000 BTC each year for 5 years, totaling 10,000 BTC as a reserve.
- Bitcoin will be held for a minimum of 20 years, serving as a national asset strategy and to ensure debt stability.
A bill has been submitted in the Philippine House of Representatives to establish a national-level Bitcoin (BTC) reserve.
According to cryptocurrency-focused channel NLNico on the 22nd (local time), Philippine Representative Migz Villafuerte introduced 'HB 421.' The bill stipulates that the Bangko Sentral ng Pilipinas will purchase 2,000 BTC annually for 5 years, amassing a total of 10,000 BTC as a strategic national reserve.
Per the bill, Bitcoin will be held for at least 20 years as part of a long-term asset strategy to secure national security and debt stability.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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