A bill proposed in the Philippine Congress would create a government -driven Bitcoin (BTC)Reserve that cannot be stirred for two decades except to pay the country’s rising debt load, which still puts some of the strictest superb crypto storage rules.
The proposed strategic Bitcoin Reserve Act, introduced by Rep. Miguel Luis R. Villafuerte, leader Bangko Sentral NG Pilipinas (BSP) To buy 2,000 BTC annually over five years a total of 10,000 BTC.
“The state must promote and maintain economic skills, including monetary stability and convertibility of peso, especially in times of crisis. With the rising role of cryptocurrency in the world’s economic system, the imperative is imperative to adopt measures aimed at diversifying our assets to ensure financial security,” the bill reads.
Villafues’ legislation determines that the possessions would be locked for 20 years, and during this period Bitcoin can only be sold or exchanged for the purpose of withdrawing government debt. When the holding period ends, the Central Bank Governor would be limited to relieving a maximum of 10% of the assets in any two-year window.
In January, the country’s agency of treasury reported its national debt hit $ 285 billion, or 60% of its GDP.
Villafuerte wrote in the bill that he was inspired by raw material reserves such as the American strategic petroleum reserve or Canada’s maple syrup warehouse.
To ensure resilience, the country’s central bank would establish geographically scattered cold storage facilities across the country, revised quarterly through public cryptographic certificates and verified by independent third parties.
The Bill says forks and air -dropped assets must also be detained for at least five years, and emphasizes that private ownership of BTC will not be violated with promises that citizens’ crypto holdings would not be subject to confiscation.
