Hong Kong Legislative Council Member Wu Kit-chuang: We will start discussing the inclusion of Bitcoin in fiscal reserves

This site (120BtC.coM): Hong Kong Legislative Council member Johnny Ng (Ng Kit-chuang) yesterday (28) responded to former US President Trump’s proposal at the Bitcoin Conference to include Bitcoin in the country’s government financial reserves The Asset Initiative expressed support and said that the listing of Bitcoin as an official strategic financial reserve is something that can be considered.

Members of the Hong Kong Legislative Council: Will start discussing the inclusion of Bitcoin in fiscal reserves

Johnny Ng tweeted on Where: Bitcoin and Web3 are important nodes in the development of globalization. Blockchain technology has also solved many financial and practical application innovations. We should encourage global common development.

As for the listing of Bitcoin as the official financial reserve of a country or region, he said it "can be considered": the current global awareness and acceptance of Bitcoin is increasing, and Bitcoin is by the public in the context of technology It is considered to be "digital gold", so we can indeed start researching it in the future and consider including Bitcoin in strategic financial reserves under compliance conditions.

At the same time, he also mentioned that Hong Kong is at the regional leading stage in global encryption supervision and industry development, and should continue to accelerate and gradually open the market in order to combine the world's most competitive "talents and funds, public chains and transactions" "Institutes, enterprises and projects" and other ecosystems attract and retain Hong Kong.

Johnny Ng finally promised: I will discuss with different stakeholders the feasibility and opportunities of incorporating Bitcoin into fiscal reserves, and report the situation to everyone in a timely manner.

Is it possible in Hong Kong under tight regulation?

However, the encryption community members who left messages below seemed reluctant to accept the bill, saying that even though they verbally stated that they were promoting encryption innovation, they continued to raid related companies.

Last month, Legislative Council member Duncan Chiu also pointed out through the Hong Kong Economic Journal that Hong Kong’s application requirements for cryptocurrency exchanges to obtain licenses are “too strict” and may lead to many crypto companies being reluctant to enter Hong Kong: Recently, many The news that global cryptocurrency exchanges are unable to successfully apply for operating licenses may shake the confidence of crypto market participants in promoting the development of Web3 in Hong Kong.

The Hong Kong Securities and Futures Commission (SFC) previously stated that cryptocurrency exchanges that failed to submit license applications before February 29 must close their Hong Kong operations before May 31.

It is reported that only two exchanges, OSL and Hashkey, have successfully obtained licenses. Others, including OKX, Bybit, Gate.io and Huobi HTX, have voluntarily withdrawn their license applications in Hong Kong.

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