Philippines May Become First in Asia to Hold 10,000 BTC National Bitcoin Reserve

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The Philippines is stepping into the Bitcoin spotlight. Lawmakers are considering a plan that could strengthen its position in the crypto space and reshape how national assets are managed.

Read on to know more about its plan for the Bitcoin reserve.

House Bill Proposes 10,000 BTC Reserve

House ICT Committee chair and Camarines Sur Representative Migz Villafuerte has filed House Bill 421, urging the Bangko Sentral ng Pilipinas (BSP) to establish a 10,000 BTC national reserve.

The plan calls for the BSP to purchase 2,000 Bitcoins each year for five years, stored securely in cold storage across the Philippines. The reserve would be locked for at least 20 years to safeguard the country’s wealth.

Villafuerte explained the need to expand beyond traditional assets like gold and US dollars.

“It is imperative to enact measures aimed at diversifying our assets to ensure financial security,” he said.

Strict Conditions on Bitcoin Use

The bills set tight rules on how the Bitcoin reserve can be managed.

The funds could only be used to pay off government debt. One year before the 20-year period ends, the BSP Governor must advise Congress on whether to keep the reserve or release a portion of it. Even after the lock-up period, no more than 10% of the reserve can be sold every two years.

The proposal also highlights how Bitcoin’s growth has outpaced other asset classes, making it an important hedge at a time when the Philippines faces rising debt.

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Global Bitcoin Adoption on the Rise

The bill also highlights how countries like El Salvador, Switzerland and Brazil are embracing Bitcoin. Other countries, like Malaysia, Thailand, and Hong Kong, have also considered Bitcoin reserves, and Russia is already using digital assets in international trade.

If passed, the Philippines would be the first country in Asia to create an official, government-run Bitcoin reserve.

SEC Targets Unregistered Crypto Exchanges

Philippines SEC recently cracked down on unregistered crypto exchanges, including OKX, ByBit, Bitget, Mexc, KuCoin, and Kraken, for operating without proper registration.

Under rules that took effect on July 5, all crypto firms must be licensed, implement anti-money laundering measures, report suspicious transactions, and verify customers.

These regulations aim to protect investors and ensure a safer, more transparent crypto market.

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FAQs

What is the Philippines’ Bitcoin reserve plan?

A proposed bill urges the central bank to buy 10,000 BTC over 5 years, holding it in cold storage for at least 20 years to diversify national assets.

How would the Bitcoin reserve be used?

The reserve could only be used to pay government debt. After 20 years, no more than 10% could be sold every two years under strict conditions.

How does this compare to other countries?

The Philippines would be Asia’s first government-run Bitcoin reserve, following examples like El Salvador and Russia’s use of digital assets.