Hong Kong Legislative Council member Johnny Ng expressed support for former US President Trump’s initiative at the Bitcoin Conference yesterday (28) to include Bitcoin in the country’s government’s financial reserve assets, saying that Bitcoin is listed as an official strategic financial asset. As for the reserve, I think it can be considered.
(Trump promised in Bitcoin 2024 to fire Gary Gensler and ensure that the United States becomes a Bitcoin power)
Hong Kong Legislative Council members: Will start discussing the inclusion of Bitcoin in fiscal reserves
Johnny Ng tweeted on X that the development of Bitcoin and Web3 has already attracted the attention of countries around the world, and Hong Kong has also actively become a place to promote technological and financial innovation:
Bitcoin and Web3 are important nodes in the development of globalization. Blockchain technology has also solved many financial and practical application innovations. We should encourage global common development.
Regarding the inclusion of Bitcoin as the official financial reserve of a country or region, he said it “can be considered”:
At present, the global awareness and acceptance of Bitcoin are increasing day by day, and Bitcoin is considered by the public to be "digital gold" in the context of technology. Therefore, we can indeed start researching in the future and consider incorporating Bitcoin into strategic finance under compliance conditions. reserve.
At the same time, he also mentioned that Hong Kong is at the regional leading stage in global encryption supervision and industry development, and should continue to accelerate and gradually open up the market in order to combine the world's most competitive "talents and funds, public chains and exchanges, Ecosystems such as "Enterprises and Projects" attract and retain Hong Kong.
Johnny Ng finally promised:
I will discuss with different stakeholders the feasibility and opportunities of incorporating Bitcoin into fiscal reserves and report back to you in due course.
(Interpretation of Trump’s speech | The perfect combination of Bitcoin and political language, the intersection of the pain points of the currency circle and the glory of the United States)
Is it possible in Hong Kong under tight regulation?
However, the encryption community who left messages below seemed reluctant to accept the bill, saying that even though they verbally stated that they were promoting encryption innovation, they continued to raid related companies.
Last month, Legislative Council member Duncan Chiu also pointed out through the Hong Kong Economic Journal that Hong Kong’s application requirements for cryptocurrency exchanges to obtain licenses are “too strict” and may lead to many crypto companies being reluctant to enter Hong Kong:
The recent news that many global cryptocurrency exchanges have been unable to successfully apply for operating licenses may shake the confidence of crypto market participants in promoting the development of Web3 in Hong Kong.
Hong Kong’s Securities and Futures Commission (SFC) previously stated that cryptocurrency exchanges that fail to submit license applications by February 29 must close their Hong Kong operations by May 31.
(The carnival officially ends! Hong Kong Securities and Futures Commission: It will begin to blame unregistered exchanges and licenses are not guaranteed)
It is reported that only OSL and Hashkey have successfully obtained licenses. Others, including OKX, Bybit, Gate.io and Huobi HTX, have voluntarily withdrawn their license applications in Hong Kong.
This article Hong Kong Legislative Council members support the inclusion of Bitcoin in financial reserves: it can be included in future discussions first appeared on Chain News ABMedia.
