Johnny Ng Pushes for Bitcoin Inclusion in Hong Kong’s Fiscal Reserves

Johnny Ng, a Hong Kong Legislative Council Member, has stated that he will be working with different parties to examine the possibilities and implications of using Bitcoin in the special administrative region’s reserves.

This initiative focuses on determining how Bitcoin can be effectively incorporated into the Hong Kong economy under legal guidelines.  Specifically, Ng stresses that extensive study should be conducted and that current laws must be followed to provide safe, secure integration while maintaining strategy.

In Ng’s proposal he suggested that there is the need to consult financial experts, industry players, and the regulatory authorities in order to come up with an elaborate plan that would ensure that Bitcoin can be included in the fiscal reserves. This way of cooperation is designed to mitigate possible risks and discuss possibilities of utilizing Bitcoin as an investment vehicle.

Global Recognition of Bitcoin

In a recent post on X, Ng observed that, Bitcoin is slowly but surely gaining acceptance across the globe, and is nicknamed “Digital Gold” because of its value and its ability to act as an inflation hedge. 

He said that incorporating the concept of Bitcoin into the framework of strategic fiscal reserves can be beneficial for the economy of Hong Kong as long as there are proper conditions for its regulation.

Former U.S. President Trump recently gave a speech at the U.S. Bitcoin Summit, sharing his views on Bitcoin. Bitcoin and Web3 have already gained the attention and development of countries around the world, and Hong Kong is also actively becoming a hub to promote technological… pic.twitter.com/e1UFCb6g1q

— Johnny Ng 吴杰庄 (@Johnny_nkc) July 28, 2024

According to Ng, awareness of Bitcoin is increasing and it is becoming a significant topic when it comes to the discussion of digital assets and their inclusion in the conventional financial systems.

Due to its decentralization and limited supply, many investors have seen Bitcoin as an asset with high value. Ng’s approach is in harmony with the current global trend of investigating the possibilities of digital money and distributed ledger solutions.

Web3 and Technological Development

Besides Bitcoin, Ng has a vision of a flourishing Web3 in Hong Kong. Web3 is the concept of the future Internet, which is based on the principles of decentralization, blockchain and P2P connections. 

The current situation of Hong Kong is strategic in the aspect of regulatory compliance and industry growth, which may bring about better market conditions in terms of openness and innovation.

Ng called for the government to focus on technological advancement and laid out the conditions necessary for Web3 to flourish. This is at a time when Web3 technologies are emerging and can be adopted across the globe hence offering economic and technological development.

Fiscal Reserves and Compliance

According to Ng, it is crucial to conduct an extensive study and strictly abide by the current laws to guarantee the safe implementation of Bitcoin into the monetary reserves of Hong Kong. His proposal comprises of creating a strategy that will be relevant to the regulation framework of Hong Kong to ensure that there is both innovation and security.

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