Philippines Lawmakers Submit House Bill 421 For a Strategic Bitcoin Reserve

Lawmakers in the Philippines are proposing a bill that will facilitate the establishment of a strategic Bitcoin reserve (SBR). 

This bill is called the House Bill 421 and was introduced by the House ICT Committee chairperson, Migz Villafuerte. As it stands, the onus is on the Bangko Sentral ng Pilipinas (BSP) to push through with the plan.

Lawmakers Recognize Bitcoin Performance 

Villafuerte has proposed that the BSP acquire 2,000 BTC every year for five years as part of the Strategic Bitcoin Reserve Act. 

Then they would hold the assets in trust for another 20 years, and this would be a move that would diversify the financial portfolio of the Philippines. This is a continuation of the initial trend among nations to establish an SBR.

Moreover, Villafuerte is certain that it would also strengthen economic security and place the Philippines in a position to benefit from the cryptocurrency economy. He highlighted Bitcoin’s performance over the years, suggesting that it is a strong justification for the SBR proposal. Precisely, BTC has recorded a compound annual growth rate of about 40% in the past five years.

More Nations Pursue a Bitcoin Reserve 

Philippine lawmakers have also taken note of the growing momentum surrounding Bitcoin reserve adoption. 

Indonesia is actively exploring the idea of adopting Bitcoin as a strategic reserve asset like its other counterparts. To this end, representatives from Bitcoin Indonesia have met with officials from the Vice President’s office with a proposal outlining how the coin could contribute to long-term economic growth.

India is also mulling the idea of having its own Bitcoin Reserve. Pradeep Bhandari, a spokesperson for India’s ruling party, believes that this is a way for the Asian country to update its financial policy to keep pace with global changes. 

US Continues to Explore Ways to Acquire Bitcoin

Meanwhile, US Treasury Secretary Scott Bessent recently stated the United States would not be making any fresh Bitcoin purchase. 

More recently, he clarified that his department is still actively exploring budget-neutral ways to acquire Bitcoin for the Strategic Bitcoin Reserve. It is worth noting that his earlier remarks had sparked a rapid sell-off in the cryptocurrency market.

His statement obviously sought to calm market jitters after a televised interview appeared to signal a halt to Bitcoin purchases.