Hong Kong and Germany Join the Battle for Bitcoin Strategic Reserves, Competition Intensifies
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An increasing number of countries around the world are considering incorporating Bitcoin as part of their strategic reserves to respond to global economic changes and maintain their competitive position against the United States. Here are some key developments:
Hong Kong's Strategic Bitcoin Reserve Plan:
Wu Jiezhuang, chairman of the Hong Kong Web3 Virtual Asset Development Committee, suggested that Hong Kong should leverage the advantages of 'One Country, Two Systems' to pilot the inclusion of Bitcoin into its foreign exchange fund. Although the Hong Kong government has not yet included cryptocurrencies in its foreign exchange fund, the Treasury has indicated that external investment managers can invest in cryptocurrencies on a small scale.
The Hong Kong Stock Exchange has listed 12 ETFs related to cryptocurrencies, with a total market value of approximately HKD 7.4 billion, indicating Hong Kong's active exploration in the cryptocurrency field.
Germany's Push:
Former German Finance Minister Christian Lindner suggested that the European Central Bank (ECB) and the German Federal Bank should consider including Bitcoin in their reserves. He stated that Germany and Europe cannot afford to fall behind in the cryptocurrency field, especially in the context of a global shift in monetary policy.
This proposal reflects the cryptocurrency strategy of Germany and other European countries in global competition.
Participation from Other Countries:
China: China has approximately 190,000 Bitcoins, second only to the United States, with a current value of about $18 billion. Market analysts believe that Hong Kong may exchange these Bitcoins for ETFs.
Russia: In the context of global sanctions, Russia is also considering establishing a strategic Bitcoin reserve.
United States: After Donald Trump wins the 2024 U.S. presidential election, several states in the U.S. proposed to include Bitcoin as part of state reserves. Wyoming Senator Cynthia Lummis proposed accumulating over 1 million Bitcoins as a strategic reserve.
Japan's Position:
Despite multiple countries worldwide considering incorporating Bitcoin into reserves, Japan currently rejects this proposal, demonstrating its conservative stance on cryptocurrency policy.
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