In the midst of the growing interest of Bitcoin (BTC) as a reserve of value, a bill has been presented in the Philippines Congress that proposes that the Central Bank of the Asian country buy 10,000 units of this asset.
The purchase would not be in a single operation, but through several scheduled acquisitions, if the project is approved. Precisely, he raises the idea of Buy 2,000 BTC per year, reaching the target of 10,000 in five years.
In this way, the legislative initiative seeks that the Philippines be positioned as one of the governments with more Bitcoin holdings, with an amount that of being completed would exceed the size of the current reserve of the pioneer country in doing this: El Salvador, which currently accumulates about 6,200 BTC.
The bill establishes that The Bitcoin reserve will remain blocked in a trust for at least 20 years. In other words, it cannot be sold, unless it is to amortize public debt.
«This representation considers vital that the Philippines accumulate strategic assets such as BTC to serve important national interests, such as providing financial stability,» said Migz Villafuerte, the congressman who presented the project.
In addition, the legislator said that it is imperative for Congress to write new laws aimed at diversifying the country’s assets to guarantee financial security. According to his gaze, it is key that under this line Bitcoin is integrated as a strategic reserve.
Cataloging Bitcoin as Digital Gold, Villafuerte stressed that its price has had an annual growth rate of 40% in the last five years and has recently marked new historical maximums.
He stressed that, while El Salvador and other nations that are already exploring and implementing Bitcoin reserve strategiesPhilippines cannot be left behind. He indicated that he must «take advantage» of the increasingly important role of cryptocurrencies in world markets.
Currently, it is estimated that the United States and China are the governments with more bitcoin due to seizures of 198.021 and 190,000 units of the currency each, respectively. The United Kingdom is still in the List, North Korea, Bután and El Salvador, according to data from the Bitcintreasuries research firm.
This same week, as cryptootics reported, Brazil had its first hearing in Congress to discuss a bill that proposes that the government add Bitcoin to its treasureusing up to 5% of your reservations for asset purchases.
This would allow Brazil to acquire more than 147,000 BTC, according to the current price, which would also position it above El Salvador and as the third state of the world with more Bitcoin.
Meanwhile, from the United States they remain evaluating strategies to accumulate more Bitcoin, without having to resort to expenses for the State, according to last week Scott Besent, secretary of the United States Treasury.