Hong Kong Lawmaker Advocates for Bitcoin in Fiscal Reserves
Hong Kong legislator Johnny Ng has proposed that Bitcoin be used as an official financial reserve for the region.
In a July 28 X post, he said Bitcoin’s global acceptance is continuously growing and is regarded as “digital gold.” He suggested that in the future, it is feasible to consider including Bitcoin in strategic financial reserves, provided it complies with regulations.
He mentioned that he plans to discuss the potential of including Bitcoin in financial reserves with stakeholders in Hong Kong and will provide updates on the matter as developments occur.
Former U.S. President Trump recently gave a speech at the U.S. Bitcoin Summit, sharing his views on Bitcoin. Bitcoin and Web3 have already gained the attention and development of countries around the world, and Hong Kong is also actively becoming a hub to promote technological… pic.twitter.com/e1UFCb6g1q
— Johnny Ng 吴杰庄 (@Johnny_nkc) July 28, 2024
Ng’s post referenced Republican presidential nominee Donald Trump’s recent speech at the Bitcoin 2024 Nashville conference. In his remarks, Trump mentioned considering adding crypto to the US government’s reserves. He also promised to remove SEC Chair Gary Gensler if he were elected president.
The crypto industry often views Gensler as an adversary because of the numerous enforcement actions the agency has taken against crypto companies.
“I pledge to the Bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris’s anti-crypto crusade will be over,” Trump said.
Ng suggested that Bitcoin and Web3 have captured the attention of countries worldwide. He also indicated that Hong Kong is positioning itself as a hub for promoting technological and financial innovation.
He emphasized the importance of
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