People who know the political situation over there, what is the likelihood of this passing based on who is proposing it and which party they are in? I will only believe and applaud these things once they pass into law, not before.
Crypto is not yet such a big topic among politicians so I doubt it will be passed immediately nor effectively. Philippines has a system where everything takes so much time so not expecting too much from this proposed bill.
The Bitcoins will be held for twenty years in a decentralized wallet controlled by the Central Bank and may be sold for profit-making.
That last part is not good. A reserve is not something that you sell for profit, an investment is something you sell for profit making. But I believe they will change their minds in the future if this passes.
It’s a reserve. They will use it when needed and they would have to sell it to use it.