Is Hong Kong Going to Add Bitcoin as a Financial Reserve?

Hong Kong legislator Johnny Ng is considering the potential of adding Bitcoin to the city’s financial reserves. This idea emerged following former US President Donald Trump’s proposal at the Bitcoin 2024 conference to create a US Bitcoin reserve.

Ng acknowledged the growing acceptance of Bitcoin and its status as “digital gold,” suggesting that integrating it into Hong Kong’s reserves could be beneficial. He emphasized that any such move would need to align with existing regulations.

“I will assess the viability of including Bitcoin in our reserves and will keep the public informed,” Ng said.

This proposal is part of a broader trend where Bitcoin supporters encourage its adoption by governments and businesses as a hedge against inflation. Companies like MicroStrategy have already invested in Bitcoin for this purpose.

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Ng also noted the importance of Web3 technology in global development and urged Hong Kong to advance its Web3 ecosystem to attract talent and investment. He believes that the city’s regulatory framework needs to evolve to remain a competitive crypto hub, especially in contrast to China’s restrictive stance on digital currencies.

Alexander Stefanov