📍A member of Hong Kong's Legislative Council, Wu Jiexhuang, has proposed including Bitcoin in national reserves to enhance financial stability in the region. The proposal came as part of exploiting the one country, two systems policy that gives Hong Kong relative economic and legislative autonomy from China.
📍The most important points of the proposal:
🔸Including Bitcoin in national reserves The MP believes that Bitcoin can contribute to strengthening the stability of the region's financial system.
🔸A study of the impact of US ETFs pointed to the need to analyze the impact of Bitcoin ETFs that were recently launched in the United States.
🔸 Experiences of smaller countries He cited the experiences of countries such as El Salvador and Bhutan, in addition to some US states that adopted Bitcoin as part of their economic strategies.
🔸Bitcoin as a strategic asset He pointed out that former US President Donald Trump's proposal to make Bitcoin a strategic asset may change the dynamics of traditional markets.
🔸Enhancing economic attractiveness The MP stressed that integrating Bitcoin into the economy could attract global investments and human resources to Hong Kong.
📍The importance of the proposal:
🔸 It may enhance Hong Kong's role as a global financial center, especially in the field of digital assets.
🔸Bitcoin can reduce reliance on traditional assets and increase the stability of financial reserves in light of market volatility.
📍Referring to global reserves:
🔸China currently holds about 190,000 bitcoins, making it the second largest country in terms of bitcoin reserves after the United States.
📍This proposal may constitute a strategic shift in dealing with digital currencies and reflects the increasing confidence in Bitcoin as a global financial asset.
