Hong Kong legislator Johnny Ng is advocating for the swift adoption of cryptocurrencies, particularly Bitcoin and stablecoins, to foster economic growth in the region.
Johnny Ng's Statement on Cryptocurrencies
Johnny Ng believes that Hong Kong must accelerate the adoption of cryptocurrencies to keep pace with other countries in the global race for digital assets development. He noted, 'Although Hong Kong is very positive and hardworking, the world is developing rapidly and we have to speed up our pace to stay ahead.'
Prospects of Stablecoin Usage
Ng calls for expedited research into the inclusion of Bitcoin in Hong Kong’s monetary reserves, just as some countries are doing. He also emphasizes the importance of quick approval of stablecoins, which could enhance cross-border trade efficiency, particularly in the Greater Bay Area (GBA) comprising Hong Kong and other southern Chinese cities.
Plans for Crypto Infrastructure Development
The politician proposed the establishment of a new office in Hong Kong dedicated to promoting digital assets. At the same time, the Hong Kong Securities and Futures Commission (SFC) is already exploring ways to advance its oversight of digital assets.
Johnny Ng actively promotes the idea of accelerated cryptocurrency adoption in Hong Kong as a key element for the region's economic growth and development.
