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Philippines Bitcoin Reserve Bill Targets 2,000 BTC Annual Purchases
Philippines Bitcoin Reserve – The Philippines has taken a significant step toward cryptocurrency adoption with House Bill 421, introduced by Congressman Miguel Luis Villafuerte. The groundbreaking legislation proposes establishing a strategic bitcoin reserve that would accumulate 10,000 BTC over a five-year period.
Under the proposed framework, the country’s central bank, Bangko Sentral ng Pilipinas, would purchase 2,000 bitcoin annually for five consecutive years. These digital assets would be securely stored in cold storage for a minimum 20-year holding period, marking one of the most ambitious national Bitcoin strategies globally.
Strict Guidelines for Asset Management
The bill includes stringent provisions governing the reserve’s management. During the mandatory holding period, the bitcoin reserve cannot be sold or swapped except for one specific purpose: paying off outstanding government debt. This restriction ensures the assets remain untouched for their intended strategic value.
Once the 20-year holding period concludes, additional safeguards kick in. The legislation mandates that the central bank governor may not sell more than 10% of the assets over any two-year period, preventing rapid liquidation that could destabilize the reserve’s value.
Joining Global Bitcoin Adoption Movement
Congressman Villafuerte emphasized the strategic importance of this move, stating that “The increasing significance of BTC in ensuring financial and economic prowess across continents makes it imperative for the country to take significant legislative measures.”
If enacted, the Philippines would join an exclusive group of nations embracing bitcoin as a strategic national asset, alongside El Salvador and Bhutan. While the United States and China rank among the largest sovereign bitcoin holders, their reserves primarily consist of confiscated assets rather than strategic purchases.
Global Context and Market Impact
According to Bitbo data, governments worldwide currently hold a total of 517,296 BTC, representing approximately 2.46% of bitcoin’s total 21 million supply. The Philippines’ proposed reserve would represent a significant addition to this growing trend of sovereign bitcoin adoption.
