Key Takeaways
- Hong Kong legislator Johnny Ng is exploring adding Bitcoin to the city’s financial reserves.
- Ng emphasized regulatory compliance and the potential of Bitcoin as 'digital gold.'
- Hong Kong is actively developing its Web3 ecosystem and attracting global investment.
Hong Kong legislator Johnny Ng announced his intention to explore the feasibility of adding Bitcoin to the city’s financial reserves. This move follows former US President Donald Trump’s declaration at the Bitcoin 2024 conference in Nashville about establishing a strategic Bitcoin reserve in the US.
Ng emphasized the importance of regulatory compliance while considering Bitcoin’s potential as “digital gold.” He stated:
I will discuss the feasibility and opportunities of including Bitcoin in financial reserves with different stakeholders in Hong Kong and will report the situation to everyone in a timely manner.
This interest in Bitcoin aligns with a growing trend where governments and corporations, such as MicroStrategy and Metaplanet, are integrating Bitcoin into their reserves to hedge against global inflation.
Ng also highlighted Hong Kong’s critical role in advancing the Web3 ecosystem and attracting global investment. He stated:
Hong Kong must accelerate the development of the Web3 ecosystem. Now Hong Kong is at the forefront of the region in terms of compliant regulation and industry development.
In recent months, Hong Kong has been proactive in establishing itself as a crypto hub by introducing several regulations, including proposed stablecoin legislation aimed at protecting crypto users and attracting investments. This regulatory approach contrasts sharply with China’s crackdown on crypto trading and mining.
