Hong Kong legislator Johnny Ng is shaking things up. He's eyeing Bitcoin for the city's fiscal reserves. It's a bold move that's got people talking.
Ng announced his plan on X, and according to that post, he wants to work with stakeholders to explore adding Bitcoin to Hong Kong's financial stockpile, being in line with the latest plans announced by Donald Trump. It's not a done deal, but it's turning heads.
"Bitcoin is digital gold," Ng says. He's not wrong. The cryptocurrency is gaining traction globally as a hedge against inflation.
Ng thinks Bitcoin could beef up Hong Kong's economic framework. But he's not jumping in blind. He's calling for proper regulations first.
The timing is interesting. Bitcoin and Web3 are hot topics worldwide. Their decentralized nature is appealing to many investors.
Ng's pushing for more than just Bitcoin. He wants Hong Kong to lead in Web3 development too. It's all part of his grand plan for the city's future.
"We're at a crucial stage," Ng explains. He believes Hong Kong is primed for a more open and innovative market environment.
But Ng's not throwing caution to the wind. He's calling for thorough research and compliance checks. Safety first, after all.
His proposal comes on the heels of former U.S. President Trump's speech at the Bitcoin 2024 conference. Talk about riding the wave. Ng's vision goes beyond crypto. He's urging the government to focus on tech innovation and create a supportive environment for Web3.
It's not just talk. Hong Kong's already making moves in digital finance and blockchain. The city's regulatory framework is evolving to keep up.