Hong Kong Legislator Wants Bitcoin as Financial Reserve Asset

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In a social media post on July 28, Hong Kong legislator Johnny Ng proposed the use of Bitcoin as an official financial reserve for the region. He emphasized that Bitcoin’s global acceptance is increasing and it 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 also mentioned plans to discuss the potential inclusion of Bitcoin in financial reserves with stakeholders in Hong Kong and will provide updates as developments occur.

Trump Also Considers Crypto for US Reserves

Johnny Ng’s post referenced the recent speech by Republican presidential nominee Donald Trump at the Bitcoin 2024 conference in Nashville. In his remarks, Trump mentioned considering the addition of crypto to the US government’s reserves. He also promised to remove SEC Chair Gary Gensler if elected president.

The crypto industry often views Gensler as an adversary due to 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.

Bitcoin and Web3 Draw Global Interest as Hong Kong Positions as Tech Hub

Johnny 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 countries working together to encourage global blockchain development.

He believes Hong Kong should enhance its ecosystem to attract globally competitive talent, capital, public blockchains, and exchanges to support the industry’s growth. Last month, Johnny Ng outlined a roadmap for Hong Kong’s web3 ecosystem, stressing the importance of balancing fostering technological innovation with implementing strong regulations. This includes building a supportive environment for development while maintaining legal and compliance frameworks.

Additionally, Johnny Ng recognized the escalating need for secure asset management solutions in light of the surge in digital assets. He proposed a thorough investigation into suitable custody practices and corresponding regulations to accommodate this expanding market.