Hong Kong Lawmaker Advocates for Bitcoin in Fiscal Reserves

Bitcoin Hong Kong

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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July 29, 2024 00:40 EDT

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Hong Kong legislator Johnny Ng has proposed that Bitcoin be used as an official financial reserve for the region.

In a July 28 X post, he said Bitcoin’s global acceptance is continuously growing and is regarded as “digital gold.” He suggested that in the future, it is feasible to consider including Bitcoin in strategic financial reserves, provided it complies with regulations.

He mentioned that he plans to discuss the potential of including Bitcoin in financial reserves with stakeholders in Hong Kong and will provide updates on the matter as developments occur.

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

Trump Also Considers Crypto for US Reserves

Ng’s post referenced Republican presidential nominee Donald Trump’s recent speech at the Bitcoin 2024 Nashville conference. In his remarks, Trump mentioned considering adding crypto to the US government’s reserves. He also promised to remove SEC Chair Gary Gensler if he were elected president.

The crypto industry often views Gensler as an adversary because of the numerous enforcement actions the agency has taken against crypto companies.

“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 and Web3 Draw Global Interest as Hong Kong Positions as Tech Hub

Ng suggested that Bitcoin and Web3 have captured the attention of countries worldwide. He also indicated that Hong Kong is positioning itself as a hub for promoting technological and financial innovation.

He emphasized the importance of countries working together to encourage global blockchain development. The legislator stated that Hong Kong should enhance its ecosystem to attract globally competitive talent, capital, public blockchains, and exchanges to support the industry’s growth.

Ng outlined a roadmap for Hong Kong’s web3 ecosystem last month. He stressed the importance of balancing fostering technological innovation and implementing strong regulations. This entails building a supportive environment for development while maintaining legal and compliance frameworks.

Further, Ng recognized the escalating need for secure asset management solutions in light of the surge in virtual assets. He proposed that a thorough investigation into suitable custody practices and corresponding regulations is crucial to accommodate this expanding market.