A lawmaker in Hong Kong is reportedly proposing adding Bitcoin (BTC) to the region’s reserves for the purpose of financial stability.
Wu Jiexhuang, a member of the Hong Kong Legislative Council and chairman of the Web3 Virtual Asset Development Subcommittee, said that the region should study how to maintain financial security with BTC, according to the state-controlled publication Wen Wei Po.
Jiexhuang said Hong Kong should make use of the “one country, two systems” philosophy and explore ways the region to hold Bitcoin.
“If major economic powers take the initiative to include Bitcoin in strategic reserves, the value of Bitcoin will be more stable, causing more and more other countries to follow suit and reduce their holdings of traditional assets. This will result in the fall of the price of traditional assets and will shrink the government’s fiscal reserves holding traditional assets.”
Earlier this year, Hong Kong Exchanges and Clearing Limited (HKEX), the largest stock exchange in Hong Kong, announced the launch of its own “Virtual Asset Index Series.”
The index aims to provide a reliable benchmark for the pricing of Bitcoin (BTC) and Ethereum (ETH) in the Asian time zone while solving the price differences between the different global exchanges.
Hong Kong regulators are currently in the process of finalizing licensing for nearly a dozen different crypto exchanges, including Crypto.com and Bullish.
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