Johnny Ng, a member of the Hong Kong Legislative Council, has revealed intentions to work closely with various stakeholders to evaluate the feasibility and potential advantages of incorporating Bitcoin into the financial reserves of the special administrative region.
In a recent statement on X, Ng underscored the growing global acceptance of Bitcoin (BTC), often referred to as “digital gold” due to its perceived value and potential as a safeguard against inflation. He stressed the significance of contemplating Bitcoin in strategic fiscal reserves, suggesting that its inclusion could enhance Hong Kong’s economic framework given the appropriate regulatory conditions.
Ng highlighted the escalating awareness of Bitcoin globally, emphasizing its pivotal role in discussions surrounding digital assets and their integration into conventional financial systems. The lawmaker’s initiative is part of a broader endeavor to expedite the growth of the Web3 ecosystem in Hong Kong.
The current discourse on Bitcoin and Web3 technologies gaining momentum worldwide coincides with Ng’s remarks. The decentralized nature of Bitcoin, coupled with its limited supply, has established it as a valuable asset in the eyes of numerous investors.
Web3 represents the next wave of internet technologies, focusing on decentralization, blockchain, and peer-to-peer interactions. Ng is of the opinion that Hong Kong is at a crucial juncture in terms of regulatory compliance and industry development, potentially paving the way for a more open and innovative marketplace.
Acknowledging the importance of meticulous research and adherence to existing regulations, Ng proposed that these are imperative to ensure the strategic and secure integration of Bitcoin into Hong Kong’s fiscal reserves. His proposal was prompted by a speech delivered by former President Donald Trump at the Bitcoin 2024 conference on July 27.
In addition to Bitcoin, Ng envisions a vibrant and dynamic Web3 ecosystem for Hong Kong. He urged the government to prioritize technological innovation and create a conducive environment for Web3 development.
Ng’s advocacy comes at an opportune moment as Hong Kong has been making significant progress in digital finance and blockchain adoption. The regulatory framework in the region is evolving to accommodate these new technologies, striving to strike a balance between fostering innovation and ensuring security.
Source:
Johnny Ng
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