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.
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While it's good for the bitcoin community let's hope it has the proper traceability and accountability, so that no politicians can abuse this vast reserve by stealing some of it. I wonder whether they have a long term goal for these funds, whether they will treat it like gold and hold it, or they will sell it in staggered tranches over time. I wonder if they have other things that they could be spending that $1 billion on right now, because there is a lot of poverty in the country right now. Crypto is still the buzzword of the generation, so politicians will often latch on to these ideas in the hopes it will boost their popularity, but don't actually have any idea on why they should be doing it