Johnny Ng, a Hong Kong Legislative Council Member made a bold announcement by collaborating with various stakeholders to check the potential benefits of adding Bitcoin to strategic fiscal reserves and adopting web3 technologies.
In his recent post on X, Ng identified the benefits of adopting Bitcoin and resembled it with digital gold due to its value and potential to fight against inflation.
Ng elaborated on the importance of including Bitcoin in fiscal reserves by suggesting that, with the proper regulations, it could strengthen Hong Kong’s economic ecosystem.
Hong Kong Bitcoin adoption: Embracing web3 for economic growth
Hong Kong legislator Wu commented on Web3 technologies and Bitcoin when they were gaining global attention. The limited supply of Bitcoin along with its decentralized nature make it a precious asset in the global market.
Ng identified that more people are becoming aware of Bitcoin, making it an important part of discussions about digital assets and their role in traditional finance. The exclusive plan is part of a bigger effort to boost the growth of Web3 technologies in Hong Kong.
Web3 introduces the upcoming generation of internet technologies, which focus on peer-to-peer interactions, decentralization, and blockchain. Ng claims that Hong Kong is entering an important phase of industrial development and regulatory compliance which will open gates for smooth and clear market regulations
Strategic fiscal reserves and regulatory compliance
Ng noted that to add Bitcoin to Hong Kong’s financial reserves, it is necessary to integrate with the existing regulation and compliance to ensure the successful addition of BTC into the system.
In the Bitcoin 2024 conference on July 27, former president of the United States and nominee for the next presidential seat Donald Trump emphasized adding Bitcoin to the Federal reserves and planning to add at least 200,000 BTC in the reserves if reelected. Ng’s plan came in response to the Trump plan to make Hong Kong’s economy stronger.
Ng’s vision for Hong Kong is beyond Bitcoin as he wants a strong and active Web3 ecosystem. He encouraged the government to prioritize technology innovation and create a supportive environment for Web3 growth.
Ng’s support comes at a time when Hong Kong is advancing in digital finance and blockchain use. The regulators are altering the regulations to include these new technologies, aiming to balance innovation with security.
