Philippine Senator Plans to Put National Budget on Blockchain

TheCryptoTimesPublished on 2025-08-28Last updated on 2025-08-28

Philippine Senator Bam Aquino recently announced that he wants the country’s national budget to be placed on a blockchain platform, a move he said would make all government spending transparent and traceable for citizens. 

At the Manila Tech Summit, Aquino said, “No one is crazy enough to put their transactions on blockchain, where every single step of the way will be logged and transparent to every single citizen. But we want to start.”

He said it would make the Philippines the first country to do so, but he is unsure what support it would get. “If we’re able to do this, I think we’ll be the first country to have our budget on the blockchain,” Aquino said. 

Philippines Government’s Existing Blockchain Infra 

At present, there is no formal proposal on this idea. But once formalized, the Senator’s plan would build upon the Department of Budget and Management’s existing blockchain platform, which already records selected financial documents. 

Being the first live on-chain budget platform in Asia, this initiative uses Polygon’s Proof-of-Stake network to provide transparency and consensus to the public. 

Recently, the Philippines also announced its proposal for a 10,000 Bitcoin Strategic Reserve. With these moves, the south-east asian country is aiming to manage debt, stabilize its economy, and enhance its influence in global cryptocurrency markets. 

Also read: Advisors Surpass Hedge Funds as Leading Ethereum ETF Holders



Related Reads

"King of Shilling" Hayes Strikes Again, This Time Setting His Sights on Deribit

On June 29, BitMEX co-founder Arthur Hayes acquired approximately 6.16 million SYN tokens via OTC platform Flowdesk, valued at around $2.2 million. Subsequently, Hayes publicly endorsed SYN on X, calling it one of the most asymmetric investments he's seen since HYPE and declaring it time for an on-chain options DEX to challenge industry leader Deribit, naming Hypercall as that challenger. The article details the evolution of the Synapse Protocol, originally launched in 2021 as a cross-chain messaging and liquidity network. While its TVL peaked above $1 billion during the last bull market, it has since declined. The protocol's team has since built Hypercall, an on-chain options trading platform on Hyperliquid's HyperEVM, which supports trading options on "any asset" with features like 24/7 trading and defined risk limited to the premium paid. Deribit, founded in 2016, is highlighted as the dominant centralized crypto options exchange, commanding roughly 85% market share in BTC and ETH options. Its strengths include deep liquidity and professional tools, though it faces critiques over custody risk, KYC requirements, and regulatory uncertainty. The analysis suggests Hypercall's potential lies in decentralization, permissionless access, and transparency, potentially carving a niche in DeFi-native and emerging asset options. However, it faces significant challenges competing with Deribit's established network effect and liquidity depth. The piece concludes by noting Hayes's recent and mixed "call" history, referencing his previous promotion and subsequent sale of HYPE, as well as a controversial price target report for CARDS from his family office, Maelstrom, which was followed by a significant price drop for the asset. This activity has drawn criticism, with some accusing Hayes of creating exit liquidity for his followers.

Foresight News17m ago

"King of Shilling" Hayes Strikes Again, This Time Setting His Sights on Deribit

Foresight News17m ago

One Year After the Crash of Crypto Treasury Companies, Copycats Are Already Making a Comeback

One year after the collapse of digital asset treasury (DAT) companies, which wiped out up to 99% for early investors, the scheme has returned in a new guise. Recently, Triller Group announced it would become a "SpaceX treasury company," causing its market cap to surge. This follows the rebranding of another firm, LGHL, now targeting a token called HYPE. The original model, popularized by MicroStrategy (MSTR) and its "Bitcoin yield" narrative, saw companies trading at massive premiums to their underlying crypto holdings. However, most followers like TwentyOne, Metaplanet, and Nakamoto have crashed 80-95%+ from their peaks, erasing nearly all value for late investors. The author argues these structures have no fundamental reason to trade at premiums when low-fee Bitcoin ETFs or direct ownership exist. The cycle persists due to speculative demand driven by FOMO, gamification, and a belief the system is rigged, met by insiders and promoters who profit from the pump-and-dump dynamics. Drawing a parallel to the 1637 Tulip Mania, the piece concludes that such frenzies are not a bug but a recurring product of markets, where greater fools provide demand and insiders supply the schemes. Despite holding Bitcoin personally, the author condemns this specific packaging of assets into leveraged corporate vehicles marketed as innovation, a cycle seemingly unstoppable until a major crash.

marsbit28m ago

One Year After the Crash of Crypto Treasury Companies, Copycats Are Already Making a Comeback

marsbit28m ago

Trading

Spot
活动图片