Hong Kong’s Bitcoin Ambitions: Lawmaker To Discuss Reserve Opportunities With Industry Players

With Bitcoin gaining traction to become a potential strategic reserve asset in the United States, it appears other pro-crypto countries might be considering adopting this significant move as Johnny Ng, a lawmaker in Hong Kong, has revealed his intention to discuss the feasibility and potential advantages of including BTC to the nation’s financial reserve. 

His action showcases Hong Kong‘s forward thinking in the crypto industry while becoming a hub for the active promotion of financial and technical innovation. It also represents an active embrace of the changing economic landscape, which may serve as a model for other financial hubs around the globe.

Johnny Ng To Initiate Talks On Bitcoin Inclusion In Financial Reserves

The Hong Kong Lawmaker disclosed his commitment on the X (formerly Twitter) platform on Sunday morning, which could be a noteworthy development for the state’s financial landscape. This move comes in response to former US President Donald Trump’s speech at the Bitcoin2024 conference held in Nashville over the weekend.

Ng believes Trump’s idea of making Bitcoin an official financial reserve asset for the US is worth considering since the digital asset and Web3 represent significant turning points in the evolution of globalization. Thus, he vows to interact with a range of key stakeholders in order to investigate the possible advantages and disadvantages of incorporating Bitcoin into Hong Kong’s financial policy.

According to the lawmaker, the public views Bitcoin as digital gold due to its technological capabilities, and its adoption around the world is constantly growing. For this reason, Ng thinks it is feasible to explore and contemplate including BTC in strategic financial reserve in the future, as long as it is compliant.

Although the legislator did not provide any specific date to discuss with stakeholders in the nation, he stated that he would inform everyone of the situation as soon as possible.

The post read:

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.

Meanwhile, Ng has stressed the need to encourage global blockchain development, noting that blockchain technology has resolved numerous financial and real-world applications.

Web3 Ecosystem Poised For Growth In Hong Kong

Given the heightened attention around blockchain evolution, Johnny Ng has pledged a fast development of the Web3 ecosystem in Hong Kong. The city currently leads in the area of industry advancement and compliance regulations, allowing the HKSAR government to open the market in a responsible, progressive, and steady manner.

Furthermore, to support the industry’s technical advancement, Ng calls for the city to develop an ecosystem that draws in globally competitive talent and capital, public chains and exchanges, enterprises and projects, among others.