The bill proposed in the Philippine Parliament would create government-run Bitcoin (BTC)Apart from paying back the rising debt burden across the country, the untouched reserves still set some of the strictest sovereign crypto storage rules.
The proposed Strategic Bitcoin Reserve Act, introduced by Rep. Miguel Luis R. Villafuerte, directs Bangko Sentral Ng Pilipinas (BSP) Purchase 2,000 BTC in five years per year for a total of 10,000 BTC.
“The nation shall promote and maintain economic skills, including financial stability and peso conversion, especially during times of crisis. With the increasing role of cryptocurrencies in the global financial system, it is essential to enact measures aimed at diversifying assets to ensure financial security,” the bill reads.
Villafuerte’s law provides that holdings are locked for 20 years, during which time Bitcoin may be sold or exchanged only for the purpose of resigning government debt. Once the holding period has ended, the central bank governor will be restricted to offloading no more than 10% of the assets in the window for two years.
In January, the country’s Treasury Department reported that its government bonds reached $285 billion, or 60% of GDP.
Villafuerte wrote in the bill that it was inspired by product-style sanctuaries such as the US strategic oil reserve and Canada’s maple syrup stockpile.
To ensure resilience, the country’s central banks have established geographically distributed refrigerated facilities across the country, audited quarterly through public encryption proofs and verified by independent third parties.
The bill also emphasizes that Forks and Airdropped Assets must also be held for at least five years, and that personal ownership of BTC will not be violated, and promises that citizens’ crypto-holdings are not subject to forfeiture.
