DeFI News by Thebittimes.Com

The Philippines is the latest country to explore the creation of a strategic Bitcoin reserve. The bill was introduced by Congressman Migz Villafuerte. According to reports, the bill will allow the Philippine central bank, Bangko Sentral ng Pilipinas (BSP), to purchase 2000 Bitcoin (BTC) annually over five years. The central bank will hold the asset for 20 years. The BTC reserve will increase national security and help tackle the country’s debt. The bill has been introduced in the House and is yet to be debated on and passed. More Bitcoin Adoption Worldwide? Source: Watcher.Guru More and more nations are becoming open to creating a Bitcoin reserve for national and financial security. President Trump made it a mission to strengthen the US digital asset industry. Trump signed an executive order within weeks of entering office to create a digital asset reserve for the US. The Philippines is the latest country in an ever-growing list to consider creating a strategic Bitcoin reserve. Bi...

The US Government has moved nearly $600M in seized Bitcoin from Silk Road to a Coinbase wallet, according to Arkham Intelligence. The government holds millions of dollars worth of Bitcoin from various seizures over the years, including from the Silk Road dark web marketplace. The amount of Bitcoin moved was 10,000, all to a Coinbase Prime wallet. The US Government moved nearly $2 billion in Bitcoin from Silk Road to another wallet in July 2024. The reasons behind the transaction are unknown, and analysts wonder if the government plans to sell or custody the BTC. In July, The U.S. Marshals Service (USMS) awarded Coinbase Prime a contract to manage and dispose of its large-cap cryptocurrency assets. Therefore, the U.S. government may just be moving the seized assets to a new place of custody. What was Silk Road, and What is the US Government Doing With Its Bitcoin? Source: Shutterstock / In Green, modified by Blockworks Silk Road was permanently shut down in 2013 after an FBI investigati...