The Congress of the Philippines is considering a bill that would require the central bank to establish a strategic reserve of 10,000 Bitcoin, valued at $1.1 billion. The proposed “Strategic Bitcoin Reserve Act” aims to boost financial stability and diversify national assets for long-term security.

Philippine lawmaker Migz Villafuerte introduced the bill, highlighting Bitcoin’s 40% annual growth rate over five years and its utility as digital gold. The proposed legislation would mandate the central bank to hold the Bitcoin for at least 20 years, with transparency measures in place for reporting and control.

If approved, the Philippines could surpass El Salvador in Bitcoin holdings, currently at 6,276 BTC worth around $700 million. Bhutan leads with 10,565 BTC valued at nearly $1.2 billion. The bill would position the Philippines as a regional leader in adopting Bitcoin as a strategic asset for economic security.

Read more at CoinTelegraph: Philippine Lawmaker Proposes $1.1b Strategic Bitcoin Reserve Act