A bill proposed to the Philippin Congress would create a bitcoin managed by the government (BTC)Reserve which cannot be affected for two decades, except to reimburse the country’s growing debt load, establishing some of the storage rules for the strictest sovereign crypto.
The law on the strategic reserve reserve reserve, presented by representative Miguel Luis R. Villaferte, directs the Bangko Sentral NG Pilipinas (BSP) Buy 2,000 BTC per year over five years for a total of 10,000 BTC.
“The State must promote and maintain economic prowess, including monetary stability and the convertibility of the PESO, in particular in times of crisis. With the growing role of cryptocurrency in the global financial system, it is imperative to promulgate measures aimed at diversifying our assets to ensure financial security”, indicates the bill.
Villafuerte’s legislation stipulates that assets would be locked for 20 years, and during this period, Bitcoin can only be sold or exchanged in order to withdraw public debt. Once the period of detention was completed, the governor of the central bank would be limited to the unloading of 10% of assets in a two -year window.
In January, the country’s treasure office said that its national debt had reached $ 285 billion, 60% of its GDP.
Villaferte wrote in the bill that was inspired by reserves of raw materials such as the American strategic oil reserve or the Canada maple syrup stock.
To guarantee resilience, the central bank of the country would establish geographically dispersed cold storage facilities across the country, quarterly audited through public cryptographic certificates and verified by independent third parties.
The bill indicates that aerial forks and assets must also be preserved for at least five years and emphasize that the private property of BTC will not be raped, promises that the assets in citizens’ cryptography would not be subject to confiscation.
