Philippine government offered $1,1 billion in bitcoin investment
Philippine Congressman Miguel Villafuerte Wants to Create State Bitcoin- a fund worth $1,1 billion.
The MP has drafted a bill that would require the central bank to buy 2,000 BTC per year for five years to accumulate 10,000 coins worth $1,1 billion at the current rate. The agency would then be required to transfer the coins to a cold crypto wallet and store them there for at least 20 years.
The growing importance of Bitcoin in ensuring financial and economic stability forces the country to take extraordinary regulatory measures, Miguel noted.
Miguel Villafuerte
The regulation allows the central bank to sell cryptocurrency during the storage period only to pay off the national debt, and after its completion, the agency’s employees will have the right to get rid of no more than 10% of the digital assets over two years. As of the end of 2024, the Philippines’ national debt exceeded $273 billion, so theoretically the central bank can sell all the bitcoins it bought without waiting for the end of the period specified by Villafuerte.
If most colleagues support Miguel’s initiative, the Philippines will join the ranks of El Salvador and Bhutan, whose authorities accumulate bitcoins, considering them strategically important assets. Other countries, such as the US and China, keep on their state balance sheets mainly only BTC confiscated from criminals.
