Hong Kong lawmaker Johnny Ng has proposed that bitcoin be used as the official financial reserve for the region.
In a July 28 post on X, he stated that Bitcoin’s global acceptance is steadily growing and it is considered “digital gold.” He suggested that in the future it might be possible to consider including Bitcoin in strategic financial reserves, provided it complies with regulations.
He mentioned that he plans to discuss the possibility of including Bitcoin in financial reserves with stakeholders in Hong Kong and will provide updates on the matter as the situation develops.
Trump considers cryptocurrencies for US reserves
Ng’s post referenced Republican presidential candidate Donald Trump ‘s recent speech at the Bitcoin 2024 conference in Nashville. In his remarks, Trump mentioned considering adding cryptocurrencies to the US government’s reserves. He also promised to dismiss SEC Chairman Gary Gensler if he is elected president.
The cryptocurrency industry often views Gensler as an adversary because of the numerous enforcement actions the agency has taken against cryptocurrency companies.
“I vow to the bitcoin community that on the day I take the oath of office, the anti-crypto crusade of Joe Biden and Kamala Harris will come to an end,” – Trump said.
Bitcoin and Web3 attract global interest, Hong Kong positions itself as tech hub
Ng suggested that Bitcoin and Web3 have attracted the attention of countries around the world. He also indicated that Hong Kong is positioning itself as a center to promote technological and financial innovation.
He stressed the importance of countries working together to encourage the global development of blockchain. The lawmaker said Hong Kong should improve its ecosystem to attract globally competitive talent, capital, public blockchains and exchanges to support the industry’s development.
Ng outlined a roadmap for Hong Kong’s web3 ecosystem last month. He stressed the importance of balancing the promotion of technological innovation and the implementation of strong regulations. This involves building an environment conducive to development while maintaining a regulatory and compliance framework.
In addition, Ng recognized the growing need for secure asset management solutions in light of the explosive growth of virtual assets. He suggested that a thorough examination of appropriate depository practices and relevant regulations is key to adapting to this growing market.
