Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
Is Hong Kong Going to Add Bitcoin as a Financial Reserve?

Is Hong Kong Going to Add Bitcoin as a Financial Reserve?

Cryptodnes2024/07/29 07:55
By:Cryptodnes

Hong Kong legislator Johnny Ng is considering the potential of adding Bitcoin to the city’s financial reserves. This idea emerged following former US President Donald Trump’s proposal at the Bitcoin 2024 conference to create a US Bitcoin reserve.

Ng acknowledged the growing acceptance of Bitcoin and its status as “digital gold,” suggesting that integrating it into Hong Kong’s reserves could be beneficial. He emphasized that any such move would need to align with existing regulations.

“I will assess the viability of including Bitcoin in our reserves and will keep the public informed,” Ng said.

This proposal is part of a broader trend where Bitcoin supporters encourage its adoption by governments and businesses as a hedge against inflation. Companies like MicroStrategy have already invested in Bitcoin for this purpose.

READ MORE:
AI is a Major Threat to Bitcoin Anonymity – Edward Snowden

Ng also noted the importance of Web3 technology in global development and urged Hong Kong to advance its Web3 ecosystem to attract talent and investment. He believes that the city’s regulatory framework needs to evolve to remain a competitive crypto hub, especially in contrast to China’s restrictive stance on digital currencies.

SHARE: SHARES
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Meta Eyes Stablecoin Payments After Crypto Hiatus

Meta plans to integrate stablecoin payments into its apps, marking a return to crypto after three years.Why Meta Is Betting on Stablecoins

Coinomedia2025/05/09 14:00
Meta Eyes Stablecoin Payments After Crypto Hiatus

Best New Meme Coins to Invest in Now: Troller Cat Set to Jump 20% as Notcoin Holds Ground and Degen Surges

Troller Cat presale surges with ROI projections, while Notcoin and Degen trend in meme coin circles. Learn why these are the best new meme coins to invest in now..Unlocking Massive 69% APY Staking Rewards–Why Troller Cat Is One of the Best New Meme Coins to Invest in NowTelegram’s Favorite Token? Notcoin Climbs as Volume Jumps 13.5%$DEGEN Rally Accelerates With 76% Spike in Daily Trading Activity

Coinomedia2025/05/09 14:00
Best New Meme Coins to Invest in Now: Troller Cat Set to Jump 20% as Notcoin Holds Ground and Degen Surges