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Hong Kong lawmaker Johnny Ng is exploring the possibility of incorporating Bitcoin into the city’s financial reserves.
This concept arose after former US President Donald Trump suggested at the Bitcoin 2024 conference the establishment of a US Bitcoin reserve.
Ng recognized the increasing acceptance of Bitcoin and its designation as “digital gold,” proposing that its inclusion in Hong Kong’s reserves could be advantageous. He stressed that any such initiative would need to comply with current regulations.
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“I will evaluate the feasibility of adding Bitcoin to our reserves and will keep the public updated,” Ng stated.
This initiative aligns with a wider movement where Bitcoin advocates promote its adoption by governments and businesses as a safeguard against inflation. Firms like MicroStrategy have already made investments in Bitcoin for this reason.
Ng also highlighted the significance of Web3 technology in global progress and called for Hong Kong to enhance its Web3 ecosystem to draw in talent and investment.
He believes that the city’s regulatory framework must adapt to maintain its status as a competitive crypto hub, particularly in light of China’s restrictive approach to digital currencies.
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