A lawmaker in Hong Kong is reportedly proposing including Bitcoin (BTC) to the area’s reserves for the aim of monetary stability.
Wu Jiexhuang, a member of the Hong Kong Legislative Council and chairman of the Web3 Digital Asset Improvement Subcommittee, mentioned that the area ought to examine learn how to keep monetary safety with BTC, in keeping with the state-controlled publication Wen Wei Po.
Jiexhuang mentioned Hong Kong ought to make use of the “one nation, two programs” 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 might be extra secure, inflicting increasingly different international locations to comply with swimsuit and cut back their holdings of conventional property. It will consequence within the fall of the worth of conventional property and can shrink the federal government’s fiscal reserves holding conventional property.”
Earlier this yr, Hong Kong Exchanges and Clearing Restricted (HKEX), the most important inventory alternate 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 worth variations between the totally different international exchanges.
Hong Kong regulators are presently within the strategy of finalizing licensing for almost a dozen totally different crypto exchanges, together with Crypto.com and Bullish.
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