Hong Kong Legislative Council Member Wu Kit-chuang: Consider using Bitcoin as a financial reserve

In response to Trump’s speech at the Bitcoin Conference, Wu Jiezhuang, a member of the Hong Kong SAR Legislative Council, posted his views on social media:

• Bitcoin and Web3 are important nodes in the development of globalization and should encourage global common development;
• Future Subject to compliance, Bitcoin can be considered to be included in strategic fiscal reserves;
• I believe that the SAR government will open the market responsibly and step by step.

Hong Kong Legislative Council Member Wu Kit-chuang announced plans to work with various stakeholders to assess the feasibility and potential benefits of including Bitcoin in the SAR’s fiscal reserves.

In his latest post on social media, Wu Jiezhuang emphasized that Bitcoin’s recognition around the world is growing. Bitcoin is often referred to as “digital gold” due to its perceived value and potential to hedge against inflation.

He emphasized the importance of including Bitcoin in strategic fiscal reserves and said that under appropriate regulatory conditions, including Bitcoin in Hong Kong will be beneficial to Hong Kong’s economic framework.

Bitcoin and Web3 for development

Wu Jiezhuang’s remarks come as Bitcoin and Web3 technologies are gaining popularity around the world. Bitcoin’s decentralized nature and limited supply make it a valuable asset in the eyes of many investors.

Wu Jiezhuang pointed out that global awareness of Bitcoin is increasing, making it a key element in the discussion of digital assets and their integration into the traditional financial system. The lawmakers’ initiative is part of a broader effort to accelerate the development of Hong Kong’s Web3 ecosystem.

Web3 represents the next generation of Internet technology, focusing on decentralization, blockchain and peer-to-peer interaction. Mr Ng believes that Hong Kong is at a critical stage of regulatory compliance and industry development, which may pave the way for a more open and innovative market environment.

Strategic Fiscal Reserves and Compliance

In the proposal, Wu Jiezhuang acknowledged that thorough research and compliance with existing regulations are critical to ensuring the strategic and safe integration of Bitcoin into Hong Kong’s fiscal reserves.

His proposal is a response to US Republican presidential candidate and former President Donald Trump’s speech at the Bitcoin 2024 conference on July 27.

Beyond Bitcoin, Ng’s vision for Hong Kong also includes building a strong and vibrant Web3 ecosystem. He urged the government to focus on technological innovation and create a supportive environment for the development of Web3.

Wu Jiezhuang’s initiative is timely as Hong Kong has made great progress in digital finance and blockchain applications. The region’s regulatory framework is constantly evolving to accommodate these new technologies, aiming to balance innovation and safety.

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