The Strategic Bitcoin Reserve proposal would require the Philippine central bank to purchase 10,000 BTC over five years (2,000 BTC annually) and lock those holdings for 20 years, creating a sovereign Bitcoin reserve managed under trust, annual reporting, and strict sale limits to repay debt only after the lockup period.
Central bank to buy 10,000 BTC over five years (2,000 BTC/year).
Holdings locked for 20 years; sales permitted only to pay government debt after the lockup.
Bill introduced as House Bill 421 by Congressman Miguel Luis Villafuerte; governance, audit, and reporting provisions included.
Strategic Bitcoin Reserve: Philippines bill would direct the central bank to buy 10,000 BTC (2,000/year) and lock holdings for 20 years—read implications, governance, and risks.
What is the Strategic Bitcoin Reserve proposal?
The Strategic Bitcoin Reserve is a bill introduced in the Philippine House (House Bill 421) that would instruct the central bank to accumulate 10,000 BTC within five years and place those holdings under a 20-year statutory lockup. The measure sets trust, reporting, and limited-sale conditions to treat Bitcoin as a long-term strategic asset.
How would the Philippine central bank acquire and manage the Bitcoin reserve?
The bill mandates annual purchases of 2,000 BTC until the 10,000 BTC target is reached. Management duties include custody under strict trust arrangements, annual public reporting, and sales allowed only to retire government debt after 20 years. Governance provisions emphasize transparency, auditability, and independent oversight.
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Congressman Miguel Luis Villafuerte sponsored the bill, citing Bitcoin’s growing role in national financial strength. Miguel Antonio Cuneta, co‑founder of Satoshi Citadel Industries, called it “an asymmetric bet in the upside for the Philippines.” Luis Buenaventura, head of crypto at GCash, sees the proposal as a signal that may prompt corporate treasuries to consider Bitcoin. Paul Soliman, CEO of BayaniChain, highlighted transparency and long-term stewardship while noting risks related to volatility and taxpayer funds.
The Philippines’ approach—direct scheduled purchases by the central bank with a legal lockup—differs from other countries that acquired Bitcoin principally via law enforcement seizures or through state-backed mining. If enacted, the statute would make the Philippines among the first in Asia to legislate a sovereign Bitcoin reserve through explicit purchase and governance rules.
Under the bill’s timetable, purchases would be scheduled annually for five years, delivering 2,000 BTC per year until the 10,000 BTC target is reached. All holdings would be subject to a statutory 20-year lockup during which sales are highly restricted and allowed only under the bill’s debt-repayment clause.
The proposal requires the central bank to hold assets in trust, produce annual public reports on acquisition and custody, and submit to independent audits. Proponents argue that public disclosure of wallet addresses and audit trails would increase accountability and public trust over time.
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Source: https://en.coinotag.com/philippine-bill-proposes-central-bank-could-buy-10000-bitcoin-and-lock-holdings-for-20-years/