A lawmaker in Hong Kong suggests incorporating Bitcoin (BTC) into the region’s national reserves to ensure financial stability. This proposal encompasses the strategic use of cryptocurrencies to enhance financial security.
Bitcoin Proposal
Wu Jiexhuang, a member of the Hong Kong Legislative Council and chair of the Web3 Virtual Asset Development Subcommittee, is known for his commentary on cryptocurrencies. In his recent statements, he emphasized the need to investigate how BTC can contribute to financial security. Jiexhuang articulated that Hong Kong should explore ways to hold Bitcoin, leveraging its “one country, two systems” philosophy.
“If major economic powers lead the way in including Bitcoin in strategic reserves, its value will stabilize. This could prompt other countries to take similar steps and reduce the holding of traditional assets.”
New Initiative by the Hong Kong Stock Exchange
Earlier this year, the Hong Kong Stock Exchange (HKEX), the largest in the region, launched its “Virtual Asset Index Series.” This index aims to provide a reliable reference for Bitcoin (BTC) and Ethereum (ETH) pricing in the Asian time zone.
Additionally, Hong Kong regulators are in the process of licensing around a dozen crypto exchanges, including Cryptocom and Bullish.
These developments support Hong Kong’s ambition to take a more active role in the cryptocurrency market and lead in financial technologies. Incorporating cryptocurrencies into national reserves is regarded as a significant step for diversifying financial markets and managing potential risks.
