A lawmaker in Hong Kong is reportedly proposing including Bitcoin (BTC) to the area’s reserves for the aim of economic stability.
Wu Jiexhuang, a member of the Hong Kong Legislative Council and chairman of the Web3 Digital Asset Improvement Subcommittee, stated that the area ought to research find out how to preserve monetary safety with BTC, in accordance with the state-controlled publication Wen Wei Po.
Jiexhuang stated Hong Kong ought to make use of the “one nation, two techniques” philosophy and discover methods the area to carry Bitcoin.
“If main financial powers take the initiative to incorporate Bitcoin in strategic reserves, the worth of Bitcoin will likely be extra steady, inflicting increasingly different nations to observe go well with and scale back their holdings of conventional belongings. This may outcome within the fall of the value of conventional belongings and can shrink the federal government’s fiscal reserves holding conventional belongings.”
Earlier this yr, Hong Kong Exchanges and Clearing Restricted (HKEX), the biggest inventory trade in Hong Kong, introduced the launch of its personal “Digital Asset Index Collection.”
The index goals to offer a dependable benchmark for the pricing of Bitcoin (BTC) and Ethereum (ETH) within the Asian time zone whereas fixing the value variations between the completely different international exchanges.
Hong Kong regulators are at the moment within the means of finalizing licensing for practically a dozen completely different crypto exchanges, together with Crypto.com and Bullish.
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