- Wu Jiexhuang shared that Hong Kong may consider a Bitcoin reserve
- This is a response to the strategies of El Salvador and Bhutan
- Also, as a response to a potential initiative by Donald Trump
Wu Jiexhuang, a member of Hong Kong’s Legislative Council, shared with Wen Wei Po newspaper that Hong Kong may consider setting up a Bitcoin reserve.
He cites a similar strategy by El Salvador and Bhutan, as well as a potential initiative by Donald Trump in the US. He believes it is important to strengthen Hong Kong’s financial stability and independence.
More About Wu Jiexhuang’s Initiatives & Arguments
Wu Jiexhuang believes that Hong Kong should make the most of the position of ‘one country, two systems,’ and strengthen financial stability in the fluctuating global markets, as well as its financial independence and stability.
“If major economic powers take the initiative to include Bitcoin in strategic reserves, the value of Bitcoin will be more stable, causing more and more other countries to follow suit and reduce their holdings of traditional assets. This will result in the fall of the price of traditional assets and will shrink the government’s fiscal reserves holding traditional assets.”
He also emphasized that this should attract talent and investment to the region and contribute to its economic potential and prospects. He suggests broadening the consideration of Bitcoin integration options and looking first at Bitcoin ETFs, and later Bitcoin Reserve rather than just Bitcoin accumulation.
Conclusion
Hong Kong is far from last in the Asian region regarding Bitcoin adaptation but still has a lot ahead of it. Also, the initiatives of the US as the leader of the world economy significantly raises the bar for everyone else, which makes Hong Kong look even further ahead.
Let’s see if the development of crypto regulations will slow down or accelerate in 2025, especially in the US, which will determine a lot.
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