“Modeled After Oil, Maple Syrup, and Grain Reserves, The Propossed Strategic Bitcoin Reserve Positions BTC As A Sovereign Asset Alongside Traditional Stockpiles.”, – WRITE: www.coindesk.com
The Proped Strategic Bitcoin Reserve Act, Introduced by Rep. Miguel Luis R. Villafuerte, Directs the Bangko Sentral NG Pilipinas (BSP) To Purchase 2,000 BTC Annuly Over Five Years for A Total of 10,000 BTC.
“The State Shall Promote and MainTain Economic ProWESS, INCLUDING MONETARY STANCY AND THE CONVERITY OF THE PESO System, it is imperative to enact measures aimed at diversifying our assets to enSURE Financial Security, “The Bill Reads.
Villafuerte’s Legislation Stipulates that the Holdings Wuld be Locked for 20 Years, and Durying that Period, Bitcoin May Only Be Sold or Swapped for the Purpose of Retiring Govern. Once the Holding Period Ends, The Central Bank Governor Wuld be restricted to offloading no more than 10% of the assets in any Two-year Window.
In january, The Country’s Bureau of the Treasury Reported that Its National Debt Hit $ 285 Billion, OR 60% of ITS GDP.
Villafuerte Wrote in the Bill That HE WAS INSPIRED BY Commodity-Style Reserves Such as The US Strategic Petroleum Reserve or Canada’s Maple Syrup Stockpile.
To enseure resilience, The Country’s Central Bank Wuld Establish Geographicly Dispersed Cold-Storage Facilites Across The Country, Audited Quarterly Through Pubic Cryp. Independent Third Parties.
The Bill Says that Forks and Airdroped Assets Must Also Be Retaned for at Least Five Years, and Stresses that Private Ownership of Btc will not be indo Not Be Subject to Confiscation.
X Icon
The Annual Salt Wyoming Conference Took Place This Week. Government officials Said A Lot the Industry Will Like.
Read Full Story