Hong Kong Representative Explores Adding Bitcoin to National Reserve Under ‘One Country, Two Systems’ Framework

A lawmaker in Hong Kong has reportedly proposed including Bitcoin (BTC) to the area’s reserves for monetary stability functions.

Wu Jiexhuang, member of the Hong Kong Legislative Council and chairman of the Web3 Digital Asset Growth Subcommittee, mentioned the area ought to research how one can keep monetary safety at BTC, in accordance with state-run publication Wen Wei Po.

Jiexhuang mentioned Hong Kong ought to use the “one nation, two programs” philosophy and discover how the area can protect Bitcoin.

“If main financial powers take the initiative to incorporate Bitcoin in strategic reserves, Bitcoin’s worth might be extra secure, inflicting increasingly more different nations to comply with go well with and cut back their holdings of conventional belongings. This may end in a decline within the worth of conventional belongings and cut back the federal government’s price range reserves of conventional belongings.”

Earlier this yr, Hong Kong Exchanges and Clearing Restricted (HKEX), the most important inventory alternate in Hong Kong, introduced the launch of its personal ‘Digital Asset Index Collection’.

The index goals to offer a dependable benchmark for Bitcoin (BTC) and Ethereum (ETH) pricing within the Asian time zone whereas fixing the worth gaps between completely different world exchanges.

Hong Kong regulators are presently finalizing the licensing of practically a dozen completely different crypto exchanges, together with Crypto.com and Bullish.

Do not miss a beat – Subscribe to obtain electronic mail alerts straight to your inbox

Examine worth motion

Observe us additional XFb and Telegram

Surf to the Each day Hodl combine

Generated picture: Midjourney