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Hong Kong lawmakers are pushing for Bitcoin's inclusion in national reserves, emphasizing its ability to stabilize financial systems, attract investments, and position the region as a leader in digital asset integration, following China's substantial Bitcoin holdings.
Hong Kong Lawmaker Proposes Bitcoin for National Reserves
A lawmaker in Hong Kong has proposed that the special administrative region use Bitcoin as part of the national reserve for financial security, capitalizing on China's "one country, two systems" concept, Cointelegraph reports.
Hong Kong could investigate the effects of spot Bitcoin ETFs located in the US on the market, according to Legislative Council member Wu Jiexhuang, who spoke to the state-owned newspaper Wen Wei Po.
Bitcoin in Strategic Reserves Gains Global Momentum
Smaller nations like El Salvador and Bhutan have included Bitcoin in their strategic reserves, according to Jiexhuang. Some US states have also done the same. He went on to say that conventional markets may feel the effects of US President-elect Trump's plan to designate Bitcoin as a strategic reserve asset.
Jiexhuang argues that the Hong Kong government should take advantage of the "one country, two systems" principle by investigating the possibility of Bitcoin inclusion in exchange-traded funds (ETFs) before looking into other options to enhance the city's Bitcoin holdings.
Potential Benefits of Bitcoin for Hong Kong’s Economy
Bitcoin, according to Jiexhuang, may strengthen financial stability in the face of market changes and entice talent and investment. He stressed that Hong Kong might benefit from being a first-mover by storing Bitcoin in its national reserves, which would reduce the impact of widespread adoption in more conventional markets.
According to the source, the Treasury Bureau and Hong Kong's Financial Services will develop crypto regulations using the "same business, same risks, same rules" principle.
China’s Extensive Bitcoin Holdings Highlight Strategic Opportunities
“If major economic powers take the initiative to include Bitcoin in strategic reserves, the value of Bitcoin will be more stable, causing more and more other countries to follow suit and reduce their holdings of traditional assets,” Jiexhuang added. “This will result in the fall of the price of traditional assets and will shrink the government’s fiscal reserves holding traditional assets,” he continued.
The article states that China's Bitcoin reserve is second only to the US's at 190,000 Bitcoin, acquired through a variety of confiscation initiatives.
Exploring Bitcoin’s Role in Hong Kong’s Financial Strategy
Midway through 2024, Johnny Ng, another member of the Hong Kong Legislative Council, declared his intention to work with a number of interested parties to determine the pros and cons of adding Bitcoin to the special administrative region's cash reserves.
Ng brought attention to the fact that Bitcoin is becoming more well-known around the world, which makes it an important part of the conversation about digital assets and how they fit into established financial systems.
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