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Hong Kong Lawmaker Proposes Bitcoin Fiscal Reserves to Boost Crypto Industry
In a recent development, Hong Kong legislator Wu Jiezhuang has proposed integrating Bitcoin (BTC) into the city’s fiscal reserves. The move aims to stimulate the growth of the cryptocurrency industry in Hong Kong by attracting global funds and talent, as well as increasing transaction stamp tax revenue.
Wu, a member of the Legislative Council and chairman of the Web3 Virtual Asset Development Subcommittee, emphasized the strategic benefits of leveraging Bitcoin in response to its growing adoption worldwide. He highlighted that other countries have already started incorporating Bitcoin into their reserves, citing it as a hedge against inflation and excessive currency issuance.
While acknowledging the volatility and cybersecurity risks associated with Bitcoin, Wu advocated for including BTC in government reserves in a limited capacity. His proposal aims to take advantage of Hong Kong’s unique “one country, two systems” framework to explore Bitcoin’s potential for enhancing financial security and diversifying reserve assets.
The move is seen as an effort to capitalize on the growing adoption and increasing integration of Bitcoin into mainstream finance. This could potentially benefit Hong Kong’s economy by attracting investment and driving growth in the crypto industry.
Source: www.cryptonewsz.com
