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Philippines Aims to Create a $1.1 Billion Bitcoin Fund
Philippine congressman Miguel Villafuerte wants to establish a state Bitcoin fund worth $1.1 billion.
The lawmaker has drafted a bill requiring the central bank to purchase 2,000 BTC per year over a five-year period, accumulating 10,000 coins valued at $1.1 billion at the current rate. The agency would then be obligated to transfer the coins into a cold crypto wallet and store them there for at least 20 years.
“The growing importance of Bitcoin in ensuring financial and economic stability compels the country to take extraordinary regulatory measures,” noted Miguel Villafuerte.
The legislation allows the central bank to sell the cryptocurrency during the holding period only to repay public debt. After this period ends, officials would be permitted to dispose of no more than 10% of the digital assets within two years. As of the end of 2024, the Philippines’ national debt exceeded $273 billion, meaning the central bank could theoretically liquidate all acquired Bitcoins without waiting for the deadline set by Villafuerte.
If most lawmakers support Miguel’s initiative, the Philippines will join the ranks of El Salvador and Bhutan, whose governments are accumulating Bitcoin as a strategic asset. Other nations, such as the United States and China, mainly hold only BTC confiscated from criminals on their government balance sheets.
See also: "Latin American Crypto Exchange Trading Volume Surges by 800%"
