Summary
- It was reported that a Strategic Bitcoin Reserve Bill has been proposed in the Philippines.
- The bill states that the central bank will purchase a total of 10,000 BTC over five years and stipulates a 20-year lock-up.
- If the bill passes, the Philippines will become the first country in Asia to officially legislate a Bitcoin reserve.
A strategic Bitcoin (BTC) reserve bill has reportedly been proposed in the Philippines.
According to Investing.com on the 25th (local time), Congressman Miguel Luis Villafuerte submitted the 'Strategic Bitcoin Reserve Bill' to the House of Representatives.
The proposed bill stipulates that the Central Bank of the Philippines will purchase and store a total of 10,000 BTC over a period of five years. Additionally, the reserved Bitcoin will be locked up for 20 years and, after maturity, can only be sold for the purpose of government debt repayment.
The outlet stated, "If the bill ultimately passes, the Philippines is expected to become the first Asian country to officially legislate Bitcoin reserves as law."
Son Min
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