Philippine Senator Plans Invoice to Transfer Nationwide Funds to Blockchain

Philippine Senator Bam Aquino is getting ready to introduce a invoice that may place the nation’s nationwide funds and monetary transactions on a blockchain platform, a transfer he says will increase transparency and public oversight.

Key Takeaways:

• Senator Bam Aquino plans to suggest placing the Philippine nationwide funds on a blockchain.
• The transfer goals to make sure full transparency and public accountability for presidency spending.
• The proposal follows different blockchain initiatives in each the Philippines and the U.S. public sector.

Talking on the Manila Tech Summit on Wednesday, Aquino stated the proposal shall be filed within the coming weeks and goals to make authorities budgeting totally trackable by the general public.

“Nobody is loopy sufficient to place their transactions on blockchain, the place each single step of the best way shall be logged and clear to each single citizen. However we wish to begin,” he stated, as quoted by Bilyonaryo.

Aquino Pushes for ‘Each Peso to Be Clear and Accountable’

In a Fb submit, the senator emphasised his objective of constructing a system the place each peso is “clear and accountable.”

He acknowledged the issue of securing broad help for the initiative however famous that if profitable, the Philippines might turn out to be the primary nation to place its total funds on-chain.

The announcement comes simply weeks after the Division of Funds and Administration launched a blockchain-based doc verification system utilizing the Polygon community.

That initiative, led by Undersecretary Maria Francesca Del Rosario, was designed to fight faux paperwork and deepfake threats. It stays unclear whether or not Aquino’s proposed invoice would combine with this platform.

Globally, blockchain is gaining traction amongst policymakers. Simply this week, U.S. Commerce Secretary Howard Lutnick introduced plans to publish official financial information, together with GDP figures, utilizing blockchain infrastructure.

“The Division of Commerce goes to begin issuing its statistics on the blockchain as a result of you’re the crypto president. And we’re going to put out GDP on the blockchain so folks can use the blockchain for information distribution.”

Based on Lutnick, the Division of Commerce is “ironing out all the small print” however expects to develop the blockchain publishing mannequin throughout different authorities businesses as soon as the system is in place.

The transfer comes within the wake of the Deploying American Blockchains Act of 2025 (H.R. 1664), which handed the Home of Representatives in June with bipartisan help and is at the moment beneath Senate evaluation.

Philippines Advances Blockchain Push with Bitcoin Reserve Proposal

The Philippines is rising as a testing floor for public-sector blockchain initiatives.

Congressman Miguel Luis Villafuerte just lately launched a separate invoice to ascertain a strategic Bitcoin reserve of as much as 10,000 BTC over 5 years.

Based on the invoice, the holdings might solely be bought beneath strict situations, reminiscent of retiring sovereign debt, and not more than 10% of the reserve could also be liquidated in any two-year interval after the minimal holding interval expires.

As of November 2024, the Philippines’ debt had risen to ₱16.09 trillion ($285 billion), with home obligations accounting for almost 68% of the whole.

Supporters argue that diversifying nationwide reserves past gold and the US greenback is important for monetary stability, significantly as different nations speed up their very own Bitcoin methods.

Underneath the invoice, the Bangko Sentral ng Pilipinas (BSP) would oversee this system, buying 2,000 BTC yearly and inserting them into chilly storage services distributed throughout the nation.

The submit Philippine Senator Plans Invoice to Transfer Nationwide Funds to Blockchain appeared first on Cryptonews.