Aug 25, 08:05 AM

Philippines Proposes $1.12B 10,000 Bitcoin Reserve With 20-Year Lockup, Directed by BSP Under Villafuerte Bill

The Philippine government is considering the establishment of a Strategic Bitcoin Reserve capped at 10,000 bitcoins, valued at approximately $1.12 billion. A bill introduced in the Philippine Congress, known as the Strategic Bitcoin Reserve Act, was put forward by Congressman Miguel Luis Villafuerte. The legislation directs the Bangko Sentral ng Pilipinas (BSP), the country's central bank, to acquire 2,000 bitcoins annually over five years to build the reserve. The bitcoins would be held in cold storage with a 20-year lockup period, during which they cannot be accessed except to pay down the nation's rising debt. This move aims to create a sovereign Bitcoin reserve as part of the country's financial strategy.