A Lawmaker in Hong Kong Proposes Adding Bitcoin to Reserves for Financial Stability
Reports have emerged that a lawmaker in Hong Kong is suggesting the addition of Bitcoin (BTC) to the region’s reserves in order to enhance financial stability. Wu Jiexhuang, a member of the Hong Kong Legislative Council and chairman of the Web3 Virtual Asset Development Subcommittee, has emphasized the importance of studying how Bitcoin can contribute to maintaining financial security in the region, as per the state-controlled publication Wen Wei Po.
Jiexhuang believes that Hong Kong should leverage the “one country, two systems” philosophy to explore ways in which the region can incorporate Bitcoin into its reserves. He stated, “If major economic powers take the initiative to include Bitcoin in strategic reserves, the value of Bitcoin will be more stable, leading other countries to follow suit and reduce their holdings of traditional assets. This shift may result in the devaluation of traditional assets and a reduction in the government’s fiscal reserves that are tied to these assets.”
Earlier this year, Hong Kong Exchanges and Clearing Limited (HKEX), the largest stock exchange in Hong Kong, announced the launch of its own “Virtual Asset Index Series.” This index aims to establish a reliable benchmark for pricing Bitcoin (BTC) and Ethereum (ETH) in the Asian time zone while addressing price discrepancies across various global exchanges.
Currently, Hong Kong regulators are in the final stages of granting licenses to nearly a dozen crypto exchanges, including industry players like Crypto.com and Bullish, further solidifying the region’s position in the digital asset space.
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