Proposal for Incorporating Cryptocurrency into Fiscal Reserves Discussed by Hong Kong Lawmaker

Hong Kong Lawmaker Proposes Incorporating BTC Into Region’s Fiscal Reserves

Wen Wei Po has reported that Wu Jiexhuang, a member of the Hong Kong legislative council, has proposed incorporating bitcoin (BTC) into the region’s fiscal reserves. According to sources, this is not the first time such a suggestion has been made in Hong Kong; another legislative council member, Johnny Ng, also proposed including BTC in Hong Kong’s reserves back in July 2024.

The main reasoning behind Wu Jiexhuang’s proposal appears to be that including BTC in fiscal reserves could have several positive effects on the region. Firstly, it would encourage the development of the local crypto industry and attract talent and investment. This is seen as a way to increase transaction stamp tax revenue. Secondly, Hong Kong could position itself as a financial hub promoting technological advancements.

Interestingly enough, this proposal follows U.S. President Donald Trump’s recent vow to create a national Bitcoin reserve at the Bitcoin Conference in Nashville earlier this year. It seems that Wu Jiexhuang and Johnny Ng are drawing inspiration from these suggestions, with Wu believing it would have a significant impact on traditional markets.

Source: cryptopotato.com