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Manila Bulletin devider Philippines devider National devider 'Digital gold': House bill urges BSP to establish Bitcoin reserve

'Digital gold': House bill urges BSP to establish Bitcoin reserve

Published Aug 21, 2025 11:52 pm

At A Glance

  • The time is ripe for the Bangko Sentral ng Pilipinas (BSP) to put up a strategic reserve for Bitcoin (BTC) amid the increasing value of this first-ever decentralized currency, says Camarines Sur 5th district Rep. Migz Villafuerte.
(Unsplash)
(Unsplash)


The time is ripe for the Bangko Sentral ng Pilipinas (BSP) to put up a strategic reserve for Bitcoin (BTC) amid the increasing value of this first-ever decentralized currency, says Camarines Sur 5th district Rep. Migz Villafuerte.
Rep. Villafuerte filed House Bill (HB) No. 421 for this purpose, as he also noted the BSP’s need to diversify the country’s monetary assets to ensure financial security.
“It is vital for the Philippines to stockpile strategic assets such as BTC to serve important national interest such as providing financial stability, among others,” said Rep. Villafuerte, son of Camarines Sur Governor Lray Villafuerte.
“It is imperative for the 20th Congress to write new legislation aimed at diversifying our assets to ensure financial security by putting up a strategic reserve for Bitcoin for us to cash in on the increasing role of cryptocurrency in the global financial system," the second-term solon said.
HB No.421 tasks the BSP to establish a Strategic BTC Reserve, where 2,000 BTC will be purchased annually over five years, and that will be held in trust for 20 years.
Rep. Villafuerte said that the first and most widely popular cryptocurrency right now is Bitcoin, which was introduced in 2009 as a decentralized digital asset joining the ranks of traditional assets such as cash, gold, and real estate.
For the past few years, the value of BTC has seen positive developments, reaching just recently an all-time high of $108,319, he said.
This significant bump in value has prompted US Federal Reserve Chairman Jerome Powell to describe BTC as "digital gold,” added the House Committee on Information and Communications Technology (ICT) chairman.
Rep. Villafuerte says that the establishment of a strategic reserve for BTC is timely, considering that this cryptocurrency’s growth has outpaced all other asset classes, with a compound annual growth rate of about 40 percent over a five-year period.
BTC’s increased value coincided with the constant pronouncements of United States (US) President Donald Trump in support of the bill of Senator Cynthia Lummis of Wyoming on the creation of a US Strategic BTC Reserve.
The BSP governor shall, under Villafuerte’s bill, establish a Bitcoin Purchase Program, (BPP), which shall do the following:
• Purchase no more than 2,000 Bitcoins per year over a five-year period, for a total acquisition of 10,000 Bitcoins;
• Conduct purchases in a transparent and strategic manner to minimize market disruption;
• Hold Bitcoin acquired in trust for the Philippines; and
• Establish a procedure to adjust the purchase schedule set forth, if necessary, based on prevailing market conditions.
To ensure the long-term stability and security of the Strategic Bitcoin Reserve, HB No.421 tasks the BSP governor to hold all BTC acquired through the BPP for not less than 20 years.
During the minimum holding period, no Bitcoin held in the BTC reserve may be sold, swapped, auctioned, encumbered, or otherwise disposed of for any purpose other than retiring outstanding government debt instruments.
One year before the end of the minimum holding period, the BSP Governor shall submit to the Congress the central bank’s recommendations on whether to continue to voluntarily hold or to allow for the gradual and controlled release of a portion of the holdings of the BTC reserve.
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