Hong Kong Legislator Advocates for Inclusion of Bitcoin in Financial Reserves
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Highlights:
- Johnny Ng is considering adding Bitcoin to Hong Kong’s financial reserves, inspired by Trump’s proposal.
- Ng emphasizes Bitcoin’s rising global acceptance and potential to strengthen Hong Kong’s financial system.
- Hong Kong’s regulatory approach contrasts with China’s crackdown, attracting global crypto firms.
In a recent post on X, Johnny Ng, a member of Hong Kong’s Legislative Council, said he would explore the feasibility of adding Bitcoin (BTC) to the city’s financial reserves. His interest stems from former US President Donald Trump’s announcement at the Bitcoin 2024 conference about creating a strategic Bitcoin reserve in the US.
Former U.S. President Trump recently gave a speech at the U.S. Bitcoin Summit, sharing his views on Bitcoin. Bitcoin and Web3 have already gained the attention and development of countries around the world, and Hong Kong is also actively becoming a hub to promote technological… pic.twitter.com/e1UFCb6g1q
— Johnny Ng 吴杰庄 (@Johnny_nkc) July 28, 2024
He noted that Bitcoin’s global acceptance is continuously increasing, and it is now seen as “digital gold.” Ng believes that with appropriate regulations, Bitcoin could bolster Hong Kong’s financial system. He revealed its plan to consult with stakeholders about including BTC in the city’s financial reserves and to keep the public updated.
Ng stated:
“The global acceptance of bitcoin is constantly increasing, and bitcoin is seen by the public as ‘digital gold’ in the context of its technology, so in the future, it is indeed possible to research and consider including bitcoin in strategic financial reserves, as long as it is compliant.”
Hong Kong’s Push for Bitcoin and Web3 Innovation
Ng suggested that Bitcoin and Web3 have garnered global attention, with Hong Kong positioning itself as a hub for technological and financial innovation. He stressed the need for international collaboration to foster global blockchain development. The legislator noted that Hong Kong should strengthen its ecosystem to attract top talent, capital, public blockchains, and exchanges to support industry growth.
Last month, Ng outlined a roadmap for Hong Kong’s Web3 ecosystem, emphasizing the need to balance technological innovation with robust regulations. Ng’s comments come as Bitcoin and Web3 technologies gain momentum globally. Bitcoin’s decentralized nature and limited supply have made it a highly valued asset for many investors.
To promote the development of Web3 and virtual assets in Hong Kong, the HKSAR Legislative Council recently established a Subcommittee on Web3 and Virtual Asset Development. My office seeks to gather insights from the global Web3 industry, propose policy recommendations, and… pic.twitter.com/836ofG5XCK
— Johnny Ng 吴杰庄 (@Johnny_nkc) June 22, 2024
In contrast to the broader crackdown on cryptocurrency trading and mining in mainland China, Hong Kong welcomed crypto firms last year. In June 2023, Hong Kong introduced its crypto licensing regime, permitting licensed exchanges to provide retail trading services. However, Duncan Chiu, a Hong Kong lawmaker, has criticized the strict licensing rules for crypto exchanges. He noted that these regulations have driven major global exchanges, like OKX, Gate.io, and HTX, to withdraw their applications in Hong Kong.
Trump Also Considers Crypto for US Reserves
Ng’s post referenced Donald Trump’s recent Bitcoin 2024 Nashville speech. Trump proposed adding crypto to US reserves and pledged to remove SEC Chair Gary Gensler if elected. Due to the enforcement actions the SEC has taken against crypto companies, the industry often sees Gensler as an adversary. “I pledge to the Bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris’s anti-crypto crusade will be over,” Trump said.
Bitcoin is trading near $70,000 on Monday, hitting a six-week high as prominent figures begin supporting crypto.
BTC was changing hands at around $69,512 at the time of writing, up 3.33% in the last 24 hours. Ether traded up 4.56% at $3,370, while Solana climbed 5.38% to around $192 over the past 24 hours.
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