I commend the efforts of the Philippines in their desire to become amongst those who are establishing a Bitcoin reserve as this would elevate their economic sovereignty and would also help to reshape the Philippines approach to financial resilience.
Although the bill is yet to be passed into law and is currently pending, this act shows that day by day, countries are beginning to see the need and importance of owning a Bitcoin reserve.
Yes, they have decided to buy 10,000 Bitcoins in five years by buying at least 2,000 Bitcoins every year. The bill also states that one of them will be under the central bank. And this holding will be for at least 20 years. If it is passed in parliament, it will unlock economic opportunities for the Philippines. This reserved Bitcoin will make a big contribution to protecting the Philippine economy from inflation in the future. Many countries in Asia are currently attracted to Bitcoin, notably Japan, China, India and the Philippines are joining it. Hopefully, Bitcoin will gradually gain acceptance in all countries of the world.