A lawmaker in Hong Kong is reportedly proposing adding Bitcoin (BTC) to the region’s reserves for financial stability.
Wu Jiexhuang, member of the Hong Kong Legislative Council and chairman of the Web3 Virtual Asset Development Subcommittee, said the region should study how to maintain financial security at BTC, according to state-run publication Wen Wei Po.
Jiexhuang said Hong Kong should use the “one country, two systems” philosophy and explore how the region can preserve Bitcoin.
“If major economic powers take the initiative to include Bitcoin in strategic reserves, Bitcoin’s value will be more stable, causing more and more other countries to follow suit and reduce their holdings of traditional assets. This will result in a decline in the price of traditional assets and reduce the government’s budget reserves of traditional assets.”
Earlier this year, Hong Kong Exchanges and Clearing Limited (HKEX), the largest stock exchange in Hong Kong, announced the launch of its own ‘Virtual Asset Index Series’.
The index aims to provide a reliable benchmark for Bitcoin (BTC) and Ethereum (ETH) pricing in the Asian time zone while solving the price gaps between different global exchanges.
Hong Kong regulators are currently finalizing the licensing of nearly a dozen different crypto exchanges, including Crypto.com and Bullish.
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