The new Bitcoin bill in the Philippines proposes to purchase 10,000 BTC for the national reserve. Here the government has taken a great step and proposed to invest in Bitcoin, and plans to keep Bitcoin as part of their assets in the national reserve. We can see that the acceptance of Bitcoin is increasing day by day, this may be a step by the government of the country to improve the economic position of the country through Bitcoin investment. Bitcoin can be an important part of financial diversification in the future, this is the first legally proposed in the Asian continent and the first such initiative taken by the Filipinos, they have formulated the proposal for a Bitcoin reserve using the parliamentary legislative procedure.
This would be a great step for the Philippines if the bill is passed and approved, as it would be a definitive step in utilizing the national reserve for the country's economic needs through the concept of Bitcoin acceptance. Bitcoin's widespread adoption has led some countries to consider strategic reserves. Although gold was once a reserve used by all countries, Bitcoin is now a viable option for many decisions.
The legislature will ultimately review the bill before taking action, and I am confident that many will support the process as it begins to be drafted. This initiative has good long-term goals, and the Philippines could become one of the countries that achieve financial freedom if it can implement this strategy.