A bill proposed in the Philippines Congress would create a Bitcoin administered by the Government (BTC)Reserve that it cannot be touched for two decades, except to pay the growing burden of the nation’s debt, establishing some of the storing storage rules of sovereign cryptography more strict so far.
The Bitcoins Strategic Reserve Law, presented by the representative Miguel Luis R. Villafuerte, directs the Bangko Sentral NG Pilipinas (BSP) Buy 2,000 BTC annually for five years for a total of 10,000 BTC.
“The State will promote and maintain economic skill, including monetary stability and weight convertibility, especially in times of crisis. With the growing role of cryptocurrency in the world’s financial system, it is imperative to promulgate measures aimed at diversifying our assets to guarantee financial security,” says the bill.
Villafuerte legislation stipulates that holdings would be locked up for 20 years, and during that period, Bitcoin can only be sold or changed with the purpose of withdrawing from the government’s debt. Once the tenure period ends, the governor of the Central Bank would limit himself to download no more than 10% of the assets in a two -year window.
In January, the country’s treasure office reported that its national debt reached $ 285 billion, or 60% of its GDP.
Villafuerte wrote in the bill that was inspired by product reserves such as the United States Strategic Petroleum Reserve or the Arce de Canada Syrup Reserve.
To guarantee resilience, the Central Bank of the country would establish cold storage facilities geographically dispersed throughout the country, audited quarterly through public cryptographic certifications and verified by independent third parties.
The bill says that Bifurcations and Airdropped assets must also be retained for at least five years, and emphasizes that BTC’s private property will not be violated, with promises that citizens’ crypt holdings would not be subject to confiscation.
