Philippine Congressman Miguel Luis Villafuerte recently proposed House Bill No. 421, suggesting that the Central Bank of the Philippines purchase 2,000 Bitcoins annually over 5 years, accumulating a total of 10,000 coins, and store them in a Cold Wallet locked for at least 20 years, without arbitrary withdrawal.

Miguel Luis Villafuerte stated in the proposal explanation: "The importance of Bitcoin in ensuring financial and economic strength is increasing, which requires the country to take significant legislative measures."

According to the proposal, during the 20-year holding period, the Philippine government may not arbitrarily use, sell, or convert Bitcoin, unless it is for the purpose of settling national debts. Even after unlocking, the Central Bank Governor may sell a maximum of only 10% of the holdings within any 2-year period.

If the bill passes, the Philippines will join the "Bitcoin National Team". Currently, this list includes El Salvador, which recognizes Bitcoin as legal tender, and Bhutan, which accumulates a large amount of Bitcoin through mining; while the United States and China are the world's largest sovereign holders of coins, mainly from Bitcoin confiscated by law enforcement and judicial authorities.