Fun

Hong Kong legislator eyes Bitcoin for fiscal reserves

News Feed - 2024-07-28 06:07:38

Amaka Nwaokocha14 hours agoHong Kong legislator eyes Bitcoin for fiscal reservesBy engaging with stakeholders and focusing on compliance, Johnny Ng aims to position Hong Kong as a leader in adopting Bitcoin and Web3 technologies.4419 Total views12 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksHong Kong Legislative Council Member Johnny Ng has announced plans to collaborate with various stakeholders to assess the feasibility and potential benefits of incorporating Bitcoin into the special administrative region’s financial reserves.


In a recent post on X, Ng emphasized the increasing global recognition of Bitcoin (BTC), often dubbed “digital gold” due to its perceived value and potential as a hedge against inflation.


He highlighted the importance of considering Bitcoin in strategic fiscal reserves, suggesting that its inclusion could benefit Hong Kong’s economic framework under the right regulatory conditions.Bitcoin and Web3 for development


Wu"s comments come when Bitcoin and Web3 technologies are gaining traction worldwide. The decentralized nature of Bitcoin, along with its limited supply, has positioned it as a valuable asset in the eyes of many investors.Source:Johnny Ng


Ng pointed out that the global awareness of Bitcoin is increasing, making it a crucial element in the discourse on digital assets and their integration into traditional financial systems. The legislator’s initiative is part of a broader effort to accelerate the development of the Web3 ecosystem in Hong Kong.


Related:Stablecoin pegged to Hong Kong dollar unveiled


Web3 represents the next generation of internet technologies, focused on decentralization, blockchain and peer-to-peer interactions. Ng believes that Hong Kong is at a pivotal stage in regulatory compliance and industry development, which could pave the way for a more open and innovative market environment.Strategic fiscal reserves and compliance


Ng acknowledged in his proposal that thorough research and compliance with existing regulations are essential to ensure the strategic and secure integration of Bitcoin into Hong Kong’s fiscal reserves.


His proposal came in response to United States Republican Party presidential nominee and former President Donald Trump’s speech at the Bitcoin 2024 conference on July 27.


Beyond Bitcoin, Ng’s vision for Hong Kong includes a robust and dynamic Web3 ecosystem. He urged the government to focus on technological innovation and build a supportive environment for Web3 development.


Ng’s advocacy is timely, as Hong Kong has made strides in digital finance and blockchain adoption. The region’s regulatory framework is evolving to accommodate these new technologies, aiming to balance innovation and security.


Magazine:Saudi Arabia’s Riyadh may be crypto’s sleeping giant: Crypto City Guide# Bitcoin# Cryptocurrencies# Hong Kong# Government# Bitcoin Regulation# AdoptionAdd reaction

News Feed

EasyA announces 1 million devs in ecosystem
Vince Quill1 hour agoEasyA announces 1 million devs in ecosystemThe Web3 educational platform also announced a Polkadot education initiative to help onboard new developers to the blockchain network.153 Total viewsListen
Bitcoin rallies to 2-year high, but derivatives traders not betting on further gains
Marcel Pechman4 hours agoBitcoin rallies to 2-year high, but derivatives traders not betting on further gains$60,000 within range after 12.7% gains in 24 hours? Not so fast, according to Bitcoin derivatives metrics.3886
The Grand WAHED PitchFest – Pitch Your Idea and Win 25,000 USDT
The Grand WAHED PitchFest - Pitch Your Idea and Win 25,000 USDT press release PRESS RELEASE.WAHED is delighted to announce the Grand WAHED Pitchfest, an opportunity for entrepreneur
Key Indicator Signals Buy On XRP 4-Hour Chart – Analyst Predicts A Price Rebound
Este artículo también está disponible en español. XRP has been navigating a period of consolidation below the $2.50 mark, leaving investors eager to see if the altcoin is
UK closes ‘trust me bro’ crypto firm that gave horrible advice to clients
Brayden Lindrea8 hours agoUK closes ‘trust me bro’ crypto firm that gave horrible advice to clientsIt comes just two weeks after the Insolvency Service secured a winding-up order against Amey’s firm in the United K
New South Korean leadership will press for Bitcoin ETF trading
Derek Andersen5 hours agoNew South Korean leadership will press for Bitcoin ETF tradingThe Democratic Party of Korea promised to allow Bitcoin exchange-traded funds, and it expects to follow through — one way or anothe
Cardano Slips to 5th-Largest Crypto Market Position — ADA Down 30% Since All-Time High Last Month
Cardano Slips to 5th-Largest Crypto Market Position — ADA Down 30% Since All-Time High Last Month During the second week of October, bitcoin market values have maintained prices
Law Firm’s White Paper Claims US Bank Regulators Are Waging a ‘Clandestine Financial War’ Against Crypto Businesses
Law Firm"s White Paper Claims US Bank Regulators Are Waging a "Clandestine Financial War" Against Crypto Businesses According to a recent white paper published by four members of t
Ethereum Name Service founder reveals Vitalik Buterin’s timely grant intervention
Gareth Jenkinson13 hours agoEthereum Name Service founder reveals Vitalik Buterin’s timely grant interventionEthereum co-founder Vitalik Buterin played a pivotal role in making the development of the Ethereum Naming Se
Tristan Greene2 hours agoDwindling optimism for Bitcoin ETF approval to blame as weekly crypto outflows hit $55MEven altcoins slumped, with only Ripple and Cardano registering inflows.1577 Total views3 Total sharesListen
Bitcoin Clears $65,000: Can The Bulls Push BTC To Historic Heights?
Este artículo también está disponible en español. Bitcoin (BTC) has made a bold move, breaking past the crucial $65,000 level and sparking renewed hope of reaching its al
Investors Predict Fed to Hike Rates This Week — Reactions From Crypto, Stocks, Gold Market Expected
Investors Predict Fed to Hike Rates This Week — Reactions From Crypto, Stocks, Gold Market Expected The U.S. central bank is expected to raise its target fed funds rate on Wednes