Hong Kong legislator Wu Jiezhuang has beneficial integrating Bitcoin(BTC) into the metropolis’s fiscal reserves, proposing the use of the Trade Fund to buy and support Bitcoin long-time duration. The transfer objectives to stimulate the attain of Hong Kong’s cryptocurrency industry, appeal to global funds and expertise, and create bigger transaction label tax revenue.
Hong Kong’s Bitcoin Reserve Plans:
Hong Kong lawmaker win proposed incorporating Bitcoin into Hong Kong’s fiscal reserves and brooding about the use of the Trade Fund to continue purchasing and retaining it for a essentially very long time to stimulate the attain of the cryptocurrency industry in Hong Kong, appeal to funds and…
— Wu Blockchain (@WuBlockchain) December 30, 2024
Wu, a member of the Legislative Council and chairman of the Web3 Digital Asset Construction Subcommittee, highlighted the strategic benefits of leveraging Bitcoin in line with its rising adoption in global markets. In a fresh interview, he illustrious that the U.S., below President-elect Trump, has positioned Bitcoin as a govt strategic reserve asset, propelling a surge available within the market imprint and anxious feeble resources.
He argued that Hong Kong might maybe maybe maybe restful use its outlandish “one nation, two systems” framework to bump into Bitcoin’s ability for bettering financial security and diversifying reserve resources. Wu identified that loads of worldwide locations and even some U.S. states win began incorporating Bitcoin into their reserves, citing BTC as a hedge in opposition to inflation and excessive forex issuance.
Whereas acknowledging Bitcoin’s volatility and cybersecurity risks, Wu pitched for BTC’s inclusion in govt reserves in a minute capability. He highlighted Bitcoin’s rising adoption, derivatives market, and growing integration into mainstream finance, which he believes might maybe maybe maybe revenue Hong Kong’s economic system and appeal to investment. Wu moreover beneficial the appearance of Bitcoin-essentially essentially essentially based ETFs to beneficial the value of existing holdings.
