Hong Kong Legislative Council Member Wu Jiezhuang: Bitcoin can be incorporated into Hong Kong's foreign exchange fund assets through pilot schemes

Hong Kong Legislative Council Member and Chairman of the Web3 Virtual Asset Development Committee Wu Jiezhuang stated in an interview that Hong Kong needs to study how to maintain national financial security amidst the disruption caused by Bitcoin in the U.S. and its impact on traditional asset markets.

He suggested that Hong Kong should leverage the advantages of 'One Country, Two Systems' and pilot the incorporation of Bitcoin into foreign exchange fund assets, and explore ways to activate the Bitcoin held by the nation. Regarding whether holding Bitcoin would help the SAR government combat fiscal deficits, Wu Jiezhuang believes that while the government can use Bitcoin as a tool for asset appreciation, significant holdings would be required to see a noticeable effect. Currently, the government's fiscal deficit has surpassed one hundred billion, so holding only a small amount would not help much in reducing the deficit, as the value-preserving function of holding Bitcoin would outweigh its appreciation potential.