According to Hong Kong legislator Johnny Ng, Bitcoin could function as the designated financial reserve for the region.
He stated in a post on July 28 on X that Bitcoin is considered “digital treasure” and is gaining global acceptance. He proposed that it may be feasible to incorporate Bitcoin into strategic financial reserves in the future, provided that it adheres to regulations.
He stated that he intends to engage in a conversation with stakeholders in Hong Kong regarding the prospective inclusion of Bitcoin in financial reserves and will provide updates as they arise.
Ng cited Republican presidential nominee Donald Trump’s recent address at the Bitcoin 2024 Nashville conference in her post. Trump mentioned in his remarks that the US government is contemplating the addition of cryptocurrency to its reserves. In the event that he were elected president, he also pledged to oust SEC Chair Gary Gensler.
The crypto industry frequently perceives Gensler as an adversary due to the agency’s numerous enforcement actions against crypto companies.
“I assure the Bitcoin community that the anti-crypto crusade of Joe Biden and Kamala Harris will conclude the day I take the oath of office,” Trump stated.
Ng posited that Bitcoin and Web3 have captivated the focus of nations across the globe. Additionally, he suggested that Hong Kong is establishing itself as a center for the advancement of financial and technological innovation.
He underscored the significance of countries collaborating to promote the global development of blockchain technology. The legislator asserted that Hong Kong should improve its ecosystem to attract globally competitive talent, capital, public blockchains, and exchanges, thereby fostering the industry’s expansion.
Last month, Ng presented a roadmap for the web3 ecosystem in Hong Kong. He underscored the significance of maintaining a balance between the promotion of technological innovation and the implementation of rigorous regulations. This requires the establishment of a support environment for development while simultaneously adhering to legal and compliance frameworks.
Additionally, Ng acknowledged the growing necessity for secure asset management solutions in response to the increase in virtual assets. He suggested that a comprehensive examination of appropriate custody practices and corresponding regulations is essential to accommodate this expanding market.
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