Hong Kong Lawmaker Pushes to Include Bitcoin in Disclose Monetary Reserves

A Hong Kong Legislative Council member, Johnny Ng, says Bitcoin is price thinking about as a nation’s reserve asset. 

In an X put up, Ng disclosed plans to collaborate with quite a few stakeholders to explore the different of adding Bitcoin to Hong Kong’s financial reserves.

Veteran U.S. President Trump recently gave a speech on the U.S. Bitcoin Summit, sharing his views on Bitcoin. Bitcoin and Web3 contain already won the honor and vogue of worldwide locations around the arena, and Hong Kong is also actively changing staunch into a hub to advertise technological… pic.twitter.com/e1UFCb6g1q

— Johnny Ng 吴杰庄 (@Johnny_nkc) July 28, 2024

These remarks plan after mature US President Donald Trump’s speech on the Beautiful-concluded Bitcoin Convention in Nashville. 

Bitcoin: Is it Price Including in a Nation’s Monetary Reserves

The lawmaker highlighted Bitcoin’s growing repute and world recognition. It is miles steadily considered as digital gold and a doable hedge in opposition to inflation.

Ng illustrious that including Bitcoin in Hong Kong’s strategic financial reserves can also very neatly be beneficial, in particular given the space’s growing Web3 ecosystem. He acknowledged Hong Kong can without worry incorporate Bitcoin into its fiscal reserves below the ethical regulatory framework.

Johnny Ng’s remarks plan amid the growing world adoption of Web3 and digital assets. Moreover, as a result of Bitcoin’s decentralized nature, miniature present, and financial ethos, many look it as a haven in opposition to government regulate and economic instability.

The Hong Kong legislator acknowledged this growing repute makes it cheap to retain in options weaving Bitcoin with the existing economic system. Moreover, Johnny Ng has strongly advocated Web3, Bitcoin, and the broader digital assets industry. He has been vocal in supporting Hong Kong’s push to alter staunch into a hub for digital assets. 

In an April X put up, Ng welcomed the birth of Bitcoin ETFs in Hong Kong. He believes the Hong Kong BTC ETFs will critically influence the space’s characteristic as a world digital asset center. 

In his most standard put up, Ng illustrious that Web3 represents technological and utility innovation. He highlighted Hong Kong’s effort to attract world abilities, crypto exchanges, and completely different blockchain and crypto tasks to foster innovation and technological vogue. 

Ng’s most standard proposal is allotment of a broader initiative to enhance and bolster Hong Kong’s Web3 ecosystem. Nonetheless, he acknowledges that thorough learn and regulatory compliance are vital to enact it. 

Trump Guarantees to Adopt a Strategic Bitcoin Reserve Coverage

Veteran US president Donald Trump made a courageous declaration at some level of his speech on Saturday on the 2024 Bitcoin Convention in Nashville. If he wins the upcoming election, Trump promised to get a pleasant crypto regulatory atmosphere, starting with firing SEC Chairman Gary Gensler. 

Particularly, Gensler has change into an enemy of the crypto industry as a result of his stringent enforcement plan, which many gaze as unlawful. Alternate leaders gaze Gensler’s classification of most crypto assets as securities as an pointless hostility that will per chance well well stifle innovation within the United States.

Therefore, Trump’s declaration overjoyed crypto enthusiasts, earning him a loud cheer from these display conceal on the tournament.

Also, Trump acknowledged he would get a strategic Bitcoin reserve and stop the United States from promoting off its Bitcoin holdings. This initiative could well well look the US Federal Reserve acquiring and conserving Bitcoin in desire to promoting it, a breeze geared toward strengthening the economy.

The USA holds approximately 213,000 Bitcoin tokens bought from quite a few enforcement actions.  

Trump acknowledged: “This might per chance occasionally possible per chance well even be the policy of my administration…to retain 100% of the entire bitcoin the US government currently holds or acquires into the future.”

Additional, the US Republican presidential candidate promised to pause anti-crypto policies and present an enabling atmosphere for the expansion of digital assets.