Hong Kong Legislative Council member Johnny Ng has announced his intention to engage with various stakeholders regarding including Bitcoin in the region’s financial reserves. This initiative follows former U.S. President Donald Trump’s recent speech, in which he promised to create a “strategic Bitcoin reserve” if elected in November. In an X post, Ng emphasized the growing global acceptance of Bitcoin. He called it “digital gold” due to its technological foundations. He believes Bitcoin’s inclusion in Hong Kong’s official financial reserves is worth considering.
Ng highlighted that the public is increasingly seeing Bitcoin as ‘digital gold’ because of its technology. He stated that it is possible to research and consider Bitcoin as a strategic financial reserve if it complies with regulations. His comments came shortly after Trump’s speech at the Bitcoin 2024 conference in Nashville. In his speech, Trump promised to establish a “strategic Bitcoin reserve” if he wins the upcoming presidential election. Inspired by this, Ng pledged to explore the feasibility and benefits of incorporating Bitcoin into Hong Kong’s financial strategy.
Hong Kong has been notably more welcoming to cryptocurrency firms than mainland China, which has imposed strict regulations on cryptocurrency trading and mining. In June 2023, Hong Kong launched a crypto licensing regime for trading platforms. This regime allows licensed exchanges to offer retail trading services.
Despite Hong Kong’s favourable stance towards cryptocurrency, concerns remain about the stringent regulations required for obtaining a crypto exchange license. Another Hong Kong lawmaker, Duncan Chiu criticized the “excessively stringent” rules. He argued that these rules have deterred major global exchanges from entering the Hong Kong market. Exchanges such as OKX, Gate.io, and HTX have withdrawn their license applications due to these strict requirements.
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Johnny Ng’s advocacy for including Bitcoin in Hong Kong’s financial reserves marks a significant step. This move could enhance Hong Kong’s approach to cryptocurrency. By exploring this possibility, Hong Kong could be a forward-thinking leader in digital asset adoption. Ng’s initiative reflects a strategic vision. Including Bitcoin in the financial reserves could strengthen Hong Kong’s financial resilience. The global cryptocurrency community would closely watch the discussions and potential outcomes.
