Philippines Proposes Bitcoin Reserve Strategy as Part of National Security

The Philippines has taken an innovative step towards bolstering its national security by proposing a strategic Bitcoin reserve. Representative Migz Villafuerte introduced Bill 421 to the House of Representatives, which outlines the creation of this reserve with the aim of strengthening both national stability and debt management. This proposal envisions the Bangko Sentral ng Pilipinas (BSP) purchasing 2,000 Bitcoins annually for five years, accumulating a total reserve of 10,000 BTC over time. These assets will be held for 20 years. The reasoning behind this initiative is to provide a robust alternative for long-term reserves and potentially reduce the country’s reliance on the US dollar as its primary reserve currency. The bill’s introduction marks a significant development in Asia, positioning the Philippines as a pioneer amongst nations looking to integrate Bitcoin as a strategic asset. This move could set an influential precedent in global crypto markets and reshape how governments approach Bitcoin.