Philippines Proposes Bitcoin Treasury to Enhance Financial Stability

The Philippine Congress has introduced a bill proposing a strategic Bitcoin reserve as a measure to boost the nation’s financial stability. The bill, introduced by Representative Migz Villafuerte during the first regular session of the 20th Congress, calls for the central bank, Bangko Sentral ng Pilipinas (BSP), to purchase 10,000 bitcoins over five years. The plan would involve the BSP purchasing 2,000 BTC annually at an estimated cost of $1.1 billion based on current prices.