Hong Kong SAR Legislative Council Member, Wu Jiezhuang, has announced plans to engage with various stakeholders to explore the feasibility and opportunities of incorporating Bitcoin into the region's financial reserves.
In a recent post on the X social platform, Wu, a member of the National Committee of the Chinese People's Political Consultative Conference emphasized the increasing global recognition of Bitcoin (BTC), often dubbed "digital gold" due to its perceived value and potential as a hedge against inflation.
He highlighted the importance of considering Bitcoin (BTC) in strategic fiscal reserves, suggesting that its inclusion could benefit Hong Kong's economic framework under the right regulatory conditions.
Bitcoin and Web3 for development
Wu's comments come when Bitcoin (BTC) and Web3 technologies are gaining traction worldwide. The decentralized nature of Bitcoin (BTC), along with its limited supply, has positioned it as a valuable asset in the eyes of many investors.
Wu pointed out that the global awareness of Bitcoin (BTC) is increasing, making it a crucial element in the discourse on digital assets and their integration into traditional financial systems. The legislator's initiative is part of a broader effort to accelerate the development of the Web3 ecosystem in Hong Kong.
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Web3 represents the next generation of internet technologies, focused on decentralization, blockchain, and peer-to-peer interactions. Wu believes that Hong Kong is at a pivotal stage in regulatory compliance and industry development, which could pave the way for a more open and innovative market environment.
Strategic fiscal reserves and compliance
In Wu Jiezhuang's proposal to consider Bitcoin (BTC) for financial reserves, he acknowledged that thorough research and compliance with existing regulations are essential to ensure the strategic and secure integration of Bitcoin (BTC)into Hong Kong's fiscal reserves.
Wu’s proposal came in response to Republican Party presidential nominee Donald Trump’s speech at the Nashville Bitcoin Conference on July 27.
Beyond Bitcoin, Wu's vision for Hong Kong includes a robust and dynamic Web3 ecosystem. He urged the SAR government to focus on technological innovation and build a supportive environment for Web3 development.
Wu's advocacy is timely, as Hong Kong has made strides in digital finance and blockchain adoption. The region's regulatory framework is evolving to accommodate these new technologies, aiming to balance innovation and security.
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