A Hong Kong lawmaker is reportedly proposing to add Bitcoin (BTC) to the region’s reserves for financial stability reasons.
According to state-controlled publication Wen Wei Po, Wu Jiexhuang, member of the Hong Kong Legislative Council and chairman of the Web3 Virtual Asset Development Subcommittee, said that the region should explore how to maintain financial security with BTC.
Jiexhuang said Hong Kong should embrace the “one country, two systems” philosophy and explore opportunities for the region to hold Bitcoin.
“If major economic powers take the initiative to include Bitcoin in strategic reserves, the value of Bitcoin will be more stable, which will lead to more and more other countries following suit and reducing their holdings of traditional assets.” This will result in a price decline more traditional assets and shrink the tax reserves of the government that holds 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 aim of the index is to provide a reliable benchmark for Bitcoin (BTC) pricing and…
