Hong Kong legislator Wu Jiexhuang proposed exploring the addition of Bitcoin to national reserves to strengthen the financial stability of the region.
Wu Jiexhuang's Initiative
Jiexhuang noted that Hong Kong could leverage the 'one country, two systems' policy to include Bitcoin in its reserves. The newspaper 'Wen Wei Po' reported that China currently holds the second largest Bitcoin reserve from confiscated illegal trades.
Arguments for Bitcoin
Jiexhuang believes that if major economic powers include Bitcoin in strategic reserves, its value will become more stable. He highlighted Bitcoin's high trading volume and referred to countries like El Salvador and Bhutan as successful examples, along with several U.S. states.
Global Trends and Response
In recent months, lawmakers in Japan, Russia, and the EU have called for the adoption of Bitcoin in national reserves. While some countries rejected the idea, others remain open to discussion. Jiexhuang also noted the integration of cryptocurrency into Hong Kong's financial system, for instance, with 12 exchange-traded funds listed.
The proposal to add Bitcoin into Hong Kong's national reserves is under discussion and may influence the future development of the region's financial system.
