Johnny Ng, a member of Hong Kong’s Legislative Council suggested that Hong Kong should explore the possibility of including Bitcoin in its strategic financial reserves.
The new politicial announcements from the USA leave their marks on the world.
Proposal about using Bitcoin, as reserve asset for Hong Kong
In a tweet on Sunday, Ng stated that as long as it’s compliant, considering Bitcoin for financial reserves is worth exploring.
Ng told that Bitcoin’s global acceptance is undoubtedly growing, and it’s seen by many as “digital gold” due to its technology.
Ng committed to discussing this idea with various stakeholders in Hong Kong and promised to keep the public updated on the progress.
If we think about it, being a central topic in the election debates and campaign promises, Bitcoin indeed arrived to the acceptance phase. Other countries better watch out!
The Bitcoin stockpile of the United States
Ng’s tweet mentioned U.S. Presidential candidate Donald Trump’s speech at the Bitcoin Conference in Nashville.
Trump pledged to create a strategic Bitcoin stockpile for the United States if he is elected, causing high buzz in the crypto industry.
Following this, U.S. Senator Cynthia Lummis also shared details of her proposal for a strategic Bitcoin reserve, which involves the U.S. Department of Treasury managing secure Bitcoin vaults.
She want to acquire 1 million BTC. Impressive! This comes after another presidential candidate, Robert F. Kennedy, Jr., suggested that the federal government should purchase Bitcoin until its holdings equal the nation’s gold reserves.
Three top-tier politicians cheering Bitcoin, what a time to be alive!
Web3 development in Hong Kong
Ng, who is also an advocate for Web3, chairs the Legislative Committee’s Web3 and Virtual Assets Development Subcommittee.
He highlighted the need for Hong Kong to speed up the development of its Web3 ecosystem by attracting global talent and capital, as well as public chains, exchanges, enterprises, and projects. Simply put, companies with jobs and tax dollars.
In April this year, Hong Kong’s Securities and Futures Commission, the SFC approved the trading of spot Bitcoin and Ethereum ETFs, ahead of similar moves in the U.S.
