Johnny Ng, a member of the Legislative Council in Hong Kong, has revealed his intentions to work with various stakeholders to evaluate the feasibility and potential advantages of incorporating Bitcoin into the financial reserves of the special administrative region.
In a recent statement on X platform, Ng underscored the growing global acceptance of Bitcoin (BTC), often referred to as “digital gold” because of its perceived value and its potential as a hedge against inflation. He stressed the significance of considering Bitcoin as part of strategic fiscal reserves, suggesting that its inclusion could enhance Hong Kong’s economic framework with the appropriate regulatory framework.
Ng’s remarks come at a time when Bitcoin and Web3 technologies are gaining momentum worldwide. The decentralized nature of Bitcoin, coupled with its limited supply, has established it as a valuable asset in the eyes of many investors.
Ng highlighted the increasing global awareness of Bitcoin, emphasizing its crucial role in discussions about digital assets and their integration into conventional financial systems. The lawmaker’s initiative is part of a larger push to expedite the growth of the Web3 ecosystem in Hong Kong.
Web3 represents the next wave of internet technologies, focusing on decentralization, blockchain, and peer-to-peer interactions. Ng is of the belief that Hong Kong is currently at a critical juncture in terms of regulatory compliance and industry development, which could lead to a more open and innovative market environment.
In his proposal, Ng acknowledged the importance of thorough research and compliance with existing regulations to ensure the strategic and secure integration of Bitcoin into Hong Kong’s fiscal reserves. His proposal was prompted by a speech given by former President Donald Trump at the Bitcoin 2024 conference on July 27.
Apart from Bitcoin, Ng envisions a vibrant and dynamic Web3 ecosystem for Hong Kong. He urged the government to prioritize technological innovation and create a supportive environment for Web3 development.
Ng’s advocacy is particularly timely as Hong Kong has been making significant progress in digital finance and blockchain adoption. The region’s regulatory framework is evolving to accommodate these new technologies, aiming to strike a balance between innovation and security.