As Bitcoin gains momentum as a potential strategic reserve asset in the US, lawmaker Johnny Ng from Hong Kong is considering discussing the feasibility and benefits of including BTC in the nation’s financial reserve.

Ng’s initiative highlights Hong Kong’s progressive stance in the crypto industry and its role as a hub for financial and technological innovation, setting an example for other financial centers globally.

Initiating Discussions on Bitcoin’s Role in Financial Reserves

In response to former President Donald Trump’s remarks at the Bitcoin2024 conference, Ng revealed his intention to explore making Bitcoin an official financial reserve asset for Hong Kong. He sees Bitcoin and Web3 as pivotal in the evolution of globalization and plans to engage with stakeholders to evaluate the potential advantages and drawbacks of integrating Bitcoin into Hong Kong’s financial policies.

Ng views Bitcoin as a digital gold with growing global adoption due to its technological capabilities, making it a plausible candidate for inclusion in strategic financial reserves in the future, provided it aligns with regulations.

While no specific date for stakeholder discussions has been set, Ng pledges to keep everyone informed as progress unfolds.

Promoting Growth of the Web3 Ecosystem in Hong Kong

Amid increasing interest in blockchain technology, Ng aims to rapidly develop the Web3 ecosystem in Hong Kong, leveraging the city’s leadership in industry advancement and regulatory compliance.

To support technological progress, Ng calls for creating an ecosystem that attracts global talent and capital, public chains, exchanges, enterprises, and projects to foster innovation.