• Johnny Ng proposes integrating Bitcoin into Hong Kong’s fiscal reserves to boost the economic structure.

  • Ng highlights the need for a robust regulatory framework for secure digital asset integration.

  • Web3 technologies are central to Ng’s strategy for advancing Hong Kong’s digital economy.

Hong Kong Legislative Council Member Johnny Ng has announced an initiative to explore the benefits and feasibility of incorporating Bitcoin into the special administrative region’s financial reserves. This proposal aims to collaborate with various stakeholders to assess how Bitcoin could strategically enhance Hong Kong’s economic framework.

In a recent post on X, Ng emphasized Bitcoin’s increasing global recognition as “digital gold,” highlighting its perceived value and potential as a hedge against inflation. He stressed the importance of considering Bitcoin as a strategic component of fiscal reserves, suggesting that its inclusion could offer significant advantages under the right regulatory conditions.

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

Ng’s proposal comes amid a broader recognition of digital currencies and their integration into traditional financial systems. The initiative follows a recent speech by former U.S. President Donald Trump at the Bitcoin 2024 conference, signaling a significant interest from global leaders in the potential of digital assets. 

Regulatory Compliance and Research

As Bitcoin and Web3 technologies gain momentum globally, Bitcoin’s decentralized features and limited supply attract investors’ interest as a valuable asset. Ng emphasized the importance of a robust regulatory framework to ensure the secure integration of digital assets into Hong Kong’s financial reserves. He noted that comprehensive research and adherence to existing regulations are crucial for this integration process.By considering such a move, Ng suggests that Hong Kong could enhance its economic framework, especially under suitable regulatory conditions.

Web3 and Technological Innovation 

Ng stressed the potential of Web3 technologies to influence the future of the Internet and financial technologies. Web3 symbolizes the next generation of internet technology, focusing on decentralization, blockchain, and peer-to-peer connections. 

He calls on the government to use these technologies to foster a more open and innovative market environment. The legislator’s initiative is one component of a larger strategy to promote and fast-track the growth of the Web3 ecosystem in Hong Kong

Creating a dynamic Web3 environment could move Hong Kong to the forefront of digital innovation. Ng asked the government to prioritize technological developments and create an ecosystem that supports the growth of Web3 technology. This strategic goal aims to keep Hong Kong competitive in the fast-expanding global digital economy.

In his proposal, Ng outlined the potential benefits of strategically integrating Bitcoin into Hong Kong’s fiscal reserves. Hong Kong could enhance its economic stability and attract global investments by adopting a forward-thinking approach to digital assets. 

Read also

  • Hong Kong to Host Bitcoin Conference, Aims for Crypto Hub Status

  • Outflow Fears Attribute to Russia’s Crypto Mining Bill Delay

  • Lawmaker: Hong Kong Dollar Can be Issued as a Stablecoin

  • OKX To Set Up Shop, Sponsor Crypto Events in Hong Kong

  • Bitcoin’s Fate Tied to US Treasury Cash Shortfall

The post Hong Kong Legislator proposes including Bitcoin in fiscal reserves appeared first on Crypto News Land.

#BTC