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Hong Kong SAR Legislative Council Member Wu Jiezhuang announced plans to collaborate with various stakeholders to evaluate the feasibility and potential benefits of including Bitcoin in the region’s financial reserves. In his recent post on X, Wu, a member of the National Committee of the Chinese People’s Political Consultative Conference, emphasized the increasing global recognition of Bitcoin, often referred to as digital gold due to its perceived value and potential as a hedge against inflation.
Hong Kong and the Blockchain World
Wu Jiezhuang highlighted the importance of considering Bitcoin in strategic financial reserves and suggested that its inclusion in Hong Kong’s economic framework could be beneficial under the right regulatory conditions. Wu’s comments come at a time when Bitcoin and Web3 technologies are gaining momentum worldwide. Bitcoin’s decentralized nature and limited supply position it as a valuable asset in the eyes of many investors.
Wu noted the increasing global awareness of Bitcoin, making it a significant element in the discourse on crypto assets and their integration into traditional financial systems. The legislative initiative is part of a broader effort to accelerate the development of the Web3 ecosystem in Hong Kong.
Web3 represents the next generation of internet technologies focusing on decentralization, blockchain networks, and peer-to-peer interactions. Wu believes Hong Kong is at a crucial stage in regulatory compliance and industry development, which could pave the way for a more open and innovative market environment.
Details on the Subject
In Wu Jiezhuang’s proposal to evaluate Bitcoin for financial reserves, he acknowledged the necessity of comprehensive research and adherence to existing regulations to ensure the strategic and secure integration of Bitcoin into Hong Kong’s financial reserves. Wu’s proposal came in response to Republican Party presidential candidate Donald Trump’s speech at the Nashville Bitcoin Conference on July 27.
Wu’s vision for Hong Kong extends beyond Bitcoin to include a robust and dynamic Web3 ecosystem. He called on the SAR government to focus on technological innovation and create a supportive environment for Web3 development.
Wu’s advocacy comes at a timely moment as Hong Kong progresses in digital finance and blockchain adoption. The region’s regulatory framework is evolving to accommodate these new technologies, aiming to balance innovation and security.
