Türkçe
Español
Hong Kong, one of the world’s financial centers, is preparing to discuss the potential and innovations that Bitcoin will bring. Legislative Council member Johnny Ng announced steps would be taken to include Bitcoin in the region’s financial reserves. This move highlights the increasing role of cryptocurrencies in the global economy and how Hong Kong can adapt to this change.
Johnny Ng Seems Influenced by Donald Trump
Johnny Ng expressed the need to add Bitcoin to financial reserves in a post on X. The acceptance of Bitcoin as “digital gold” and its growing global popularity make this proposal even more attractive.
Ng emphasized the importance of compliance with regulatory frameworks in this process, stating that integrating Bitcoin into Hong Kong’s financial structure is possible. This statement recalls former US President Donald Trump’s similar initiative and highlights the adoption speed of cryptocurrencies worldwide.
Ng plans to collaborate with various stakeholders to add Bitcoin to financial reserves. This collaborative approach aims to comprehensively evaluate the potential benefits and challenges. Hong Kong’s transparent approach to this significant financial issue will be closely watched by cryptocurrency enthusiasts and investors worldwide.
A Different Approach from China
Hong Kong is taking a different path from mainland China regarding cryptocurrencies. China has taken strict measures on cryptocurrency trading and mining, while Hong Kong is introducing new regulations to attract crypto firms. The crypto-based licensing regime launched in June 2023 allows licensed exchanges to offer retail trading services, positioning Hong Kong as a more crypto-friendly jurisdiction.
On the other hand, there are criticisms regarding Hong Kong’s regulatory environment. Legislator Duncan Chiu expressed concerns that strict regulations for obtaining a cryptocurrency exchange license deter major global exchanges. This is supported by leading exchanges like OKX, Gate.io, and HTX withdrawing their license applications.
Ng’s proposal to include Bitcoin in financial reserves could represent a significant shift in Hong Kong’s financial strategy. This initiative could enhance the region’s attractiveness in the global crypto market.
