A lawmaker in Hong Kong is reportedly proposing including Bitcoin (BTC) to the area’s reserves for the aim of monetary stability.
Wu Jiexhuang, a member of the Hong Kong Legislative Council and chairman of the Web3 Digital Asset Growth Subcommittee, stated that the area ought to research the way to preserve monetary safety with BTC, in accordance with the state-controlled publication Wen Wei Po.
Jiexhuang stated Hong Kong ought to make use of the “one nation, two methods” philosophy and discover methods the area to carry Bitcoin.
“If main financial powers take the initiative to incorporate Bitcoin in strategic reserves, the worth of Bitcoin might be extra steady, inflicting increasingly different international locations to observe go well with and cut back their holdings of conventional property. This may outcome within the fall of the worth of conventional property and can shrink the federal government’s fiscal reserves holding conventional property.”
Earlier this 12 months, Hong Kong Exchanges and Clearing Restricted (HKEX), the biggest inventory alternate in Hong Kong, introduced the launch of its personal “Digital Asset Index Collection.”
The index goals to supply a dependable benchmark for the pricing of Bitcoin (BTC) and Ethereum (ETH) within the Asian time zone whereas fixing the worth variations between the completely different world exchanges.
Hong Kong regulators are at the moment within the means of finalizing licensing for practically a dozen completely different crypto exchanges, together with Crypto.com and Bullish.
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