The Central Bank of the Philippines (BSP) will be obliged to purchase up to 2000 bitcoins annually for five years if the Congress accepts the bill on the strategic state reserve of bitcoins proposed by the deputy Migz Villafuerte.

The bill provides that bitcoins will become part of the reserve of the Central Bank of the Philippines along with traditional assets, such as gold and foreign currencies. The total strategic reserve should be 10,000 bitcoins, which the legislator proposes to store at least 20 years without the right to sell or transfer.

Bitcoin will become a hedging tool for debt problems and economic risks, the author of the bill believes. He believes that freezing of the reserve of bitcoins for 20 years will help to protect the country from sharp fluctuations in the prices of a cryptoactiv, possible in the short term.

The bill will be able to become a law after approval by both chambers of Congress and the signature of President of the Philippines. The exact date of consideration of the bill has not yet been determined.

Earlier, the Securities and Exchange Commission of the Philippines (SEC) said that ten large world crypto -streaks, including OKX, Bybit, Kucoin and Kraken, are accused of illegal activities and lack of work permits in the country.