The Philippines could take a bold step by legalizing the purchase of Bitcoin for its national reserve. On one hand, this is a way to diversify assets, protect against inflation, and attract investors’ attention. On the other hand, the high volatility of cryptocurrency and the risk of losses require strict control and cybersecurity. This experiment could set a trend for other countries if management is transparent and sensible, because without a solid strategy, the government risks losing significant funds, turning innovation into a financial trap.
With the level of corruption in the Philippines, and how their economy have been diversated over the years it make all t of sense for the government to take such bold steps to legalize Bitcoin and implementing it into the government reserves, at least this will boost citizens moral and motivation to take Bitcoin related activities and projects very seriously since in recent time, blockchain and cryptography have become the new phase of financing and the world is adopting with it already.
One senator in our country is pushing to use blockchain technology so that we will have a transparency on our national budget.
https://cointelegraph.com/news/philippines-bam-aquino-blockchain-national-budget-transparencyThis is another great proposal aside from that creation of Bitcoin strategic reserve since if it happen that those laws will pass this will bring some another level of security and good developments in Philippines.
But current status on which there are so many corrupt politicians are in the seats now I doubt this law for transparency also that Bitcoin reserve creation bill would pass since for sure they are the one would provably stop it.