2024

Bitcoin

President Trump

Johnny Ng, a prominent member of Hong Kong’s Legislative Council, has sparked excitement with a bold proposal to include Bitcoin in the territory’s strategic financial reserves. In a tweet on Sunday, Ng advocated for researching and considering Bitcoin’s integration, emphasizing that it is “worth considering” if it aligns with compliance standards.
Ng’s comments highlight Bitcoin’s growing acceptance and its perception as “digital gold,” reflecting its technological significance and increasing global recognition. He pledged to explore this idea further, planning discussions with various stakeholders and providing timely updates on progress.
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 Former U.S. President Trump recently gave a speech at the U.S. Bitcoin Summit, sharing his views on Bitcoin. Bitcoin and Web3 have already gained the attention and development of countries around the world, and Hong Kong is also actively becoming a hub to promote technological… <a href="https://t.co/e1UFCb6g1q" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/e1UFCb6g1q</a>— Johnny Ng 吴杰庄 (@Johnny_nkc) <a href="https://twitter.com/Johnny_nkc/status/1817400401416851750?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 28, 2024</a>
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This move echoes recent remarks from U.S. Presidential candidates. Donald Trump, speaking at the Bitcoin Conference, promised a “strategic Bitcoin stockpile” for the U.S. if elected. Similarly, Senator Cynthia Lummis proposed a “strategic Bitcoin reserve” to establish secure vaults and acquire one million BTC. Robert F. Kennedy, Jr. also expressed intentions to match U.S. Bitcoin holdings with gold reserves.
Ng, a Web3 advocate and chair of Hong Kong’s Web3 and Virtual Assets Development <a href="https://www.legco.gov.hk/en/legco-business/committees/hc-other-subcommittee.html?2023&amp;hs01#meetings" target="_blank" rel="noopener noreferrer nofollow">Subcommittee</a>, emphasized the need for Hong Kong to fast-track its Web3 ecosystem. He stressed the importance of attracting global talent, capital, and innovative projects to maintain Hong Kong’s competitive edge in the digital economy.
Hong Kong has already made significant strides in the crypto space this year. In April, its Securities and Futures Commission (SFC) approved spot Bitcoin and Ethereum ETFs, setting a precedent ahead of the U.S. Additionally, the Hong Kong Monetary Authority recently proposed a comprehensive regulatory framework for fiat-referenced stablecoin issuers, following earlier discussions about a yuan-backed stablecoin.
Ng’s call to consider Bitcoin for strategic reserves could mark a pivotal shift in Hong Kong’s financial strategy, aligning it with global trends and reinforcing its role as a forward-thinking financial hub.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: <a href="https://www.cryptotimes.io/2024/07/28/hong-kong-police-arrest-four-in-1-4m-crypto-scam/" target="_blank" rel="noopener noreferrer nofollow">Hong Kong Police Arrest Four in $1.4M Crypto Scam</a>
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Bitcoin to Join Hong Kong’s Strategic Financial Reserves?

The Crypto Times

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