Should the bill to establish a strategic Bitcoin reserve be approved, the central bank of the Philippines will annually acquire 2,000 BTC over five years. This initiative was proposed by Congressman Miguel Luis Villafuerte.
According to the document, the total reserve will amount to 10,000 BTC. The assets are to be stored in cold wallets for at least 20 years. During this period, the authorities may sell or exchange the bitcoins to pay off national debt.
After the storage period, the bank will be able to sell no more than 10% of the reserve every two years. Villafuerte emphasized that the growing role of the first cryptocurrency in the global economy necessitates strategic legislative measures from the Philippines.
If the law is passed, the country will join El Salvador and Bhutan, which have already recognized digital gold as a national strategic asset.
Governments worldwide hold 517,296 BTC — 2.46% of the total Bitcoin supply. The United States and China lead due to confiscated assets.
In November last year, a similar initiative was proposed in Brazil. Local Congressman Eros Biondini suggested a bill to convert up to 5% of the country’s international reserves into the first cryptocurrency.
The creation of a national Bitcoin reserve has also been discussed in Russia.
The United States is also considering the possibility of creating a reserve in digital gold. In mid-August, U.S. Treasury Secretary Scott Bessent stated that the American government would not purchase additional Bitcoin for this purpose.
New Hampshire was the first state to pass a law on a strategic Bitcoin reserve.