Inclusion of Bitcoin in Hong Kong's Fiscal Reserves Advocated By Politician and Entrepreneur

Politician and entrepreneur Wu Jiezhuang, a member of the Hong Kong Legislative Council and the National Committee of the Chinese People’s Political Consultative Conference, has proposed incorporating Bitcoin into Hong Kong's fiscal reserves. Wu highlighted that several smaller countries and some US states have already adopted BTC as a legal currency. He urged the Hong Kong government to consider including digital assets in its financial reserves, suggesting continual BTC purchases using the Exchange Fund. The SAR Government's Treasury Bureau confirmed that while cryptocurrency is not a designated investment, external managers may invest in globally diversified assets, including cryptocurrencies. Wu expressed concerns about the impact of the US recognizing BTC as a strategic reserve asset, potentially destabilizing traditional assets. He also discussed Bitcoin's market presence, ETF trading, and regulatory developments in Hong Kong. Wu emphasized the need for caution due to Bitcoin's price volatility and risks associated with wallet addresses. Read more AI-generated news on: https://app.chaingpt.org/news