Hong Kong lawmaker advocates including Bitcoin in national reserves
Hong Kong lawmaker Wu Jie has proposed integrating Bitcoin into the city's fiscal reserves, suggesting the Hong Kong Special Administrative Region explore cryptocurrencies for long-term asset acquisition. Wu emphasized Bitcoin's limited supply as a potential competitor to traditional assets and a hedge against inflation, recommending that only a small percentage of reserves be allocated to mitigate risk. He noted that if influential countries adopt Bitcoin, its value could stabilize, reducing reliance on traditional reserves like gold. Wu highlighted Bitcoin's increasing presence in mainstream finance, referencing Bitcoin and Ethereum-linked ETFs on the Hong Kong Stock Exchange. China's central bank recognized Hong Kong's leadership in crypto regulation, praising its dual classification system for virtual assets and the requirement for regulatory licenses for crypto operations. Hong Kong has focused on regulating stablecoins and crypto exchanges, solidifying its position in Asia's digital asset ecosystem.
