Hong Kong Proposes to Include Bitcoin in Fiscal Reserves

Recently, the Chairman of the Hong Kong Legislative Council, Wu Jizhuang, suggested in an interview with Hong Kong Wen Wei Po that the Hong Kong Special Administrative Region take advantage of the "One Country, Two Systems" policy to "take the lead" in incorporating Bitcoin into the foreign exchange fund assets. Hong Kong should leverage the advantages of the One Country, Two Systems policy to take the lead in trialing the inclusion of Bitcoin into foreign exchange fund assets and explore ways to utilize the Bitcoin at hand for the country.

Hong Kong's progress in cryptocurrency compliance includes its "dual-license" system, which covers both security tokens and non-security tokens.

In December 2024, a Texas Congressman introduced a bill to establish a Bitcoin reserve in the state. The bill states: "Strategic Bitcoin reserves align with Texas's commitment to promoting digital asset innovation and providing enhanced financial security for Texans." It also stipulates that these assets cannot be used for trading outside of Texas.

Pennsylvania also proposed a bill in November to establish a strategic Bitcoin reserve. The State Treasurer of Pennsylvania will be able to use "up to 10%" of the state general fund (financial stability fund) and the state investment fund to purchase Bitcoin. This means that 10% of the state general fund can be used, allowing the Treasury to purchase nearly $1 billion worth of Bitcoin.