A lawmaker in Hong Kong is reportedly proposing including Bitcoin (BTC) to the area’s reserves for the aim of economic stability.
Wu Jiexhuang, a member of the Hong Kong Legislative Council and chairman of the Web3 Digital Asset Growth Subcommittee, mentioned that the area ought to research the way to preserve monetary safety with BTC, in keeping with the state-controlled publication Wen Wei Po.
Jiexhuang mentioned 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 will probably be extra secure, inflicting increasingly more different international locations to comply with go well with and cut back their holdings of conventional belongings. This may outcome within the fall of the value of conventional belongings and can shrink the federal government’s fiscal reserves holding conventional belongings.”
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 Sequence.”
The index goals to offer a dependable benchmark for the pricing of Bitcoin (BTC) and Ethereum (ETH) within the Asian time zone whereas fixing the value variations between the completely different international exchanges.
Hong Kong regulators are at the moment within the means of finalizing licensing for almost a dozen completely different crypto exchanges, together with Crypto.com and Bullish.
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