Hong Kong May Add Bitcoin to Reserves
A Hong Kong lawmaker is advocating for the special administrative region to utilize China’s “one country, two systems” policy and consider adding Bitcoin to its national reserve for financial security.
Wu Jiexhuang, a member of Hong Kong’s Legislative Council, stated in an interview with state-owned newspaper Wen Wei Po that Hong Kong could examine the market effects of spot Bitcoin exchange-traded funds (ETFs) based out of the United States.
Jiexhuang highlighted smaller countries like El Salvador and Bhutan, as well as certain US states, which have already incorporated Bitcoin into their strategic reserves.
He also mentioned US President-elect Donald Trump’s proposed inclusion of Bitcoin as a strategic reserve asset and suggested it could have a substantial impact on traditional markets.
Jiexhuang believes Hong Kong should leverage the “one country, two systems” policy to first experiment with adding Bitcoin to ETFs before considering other methods to increase its Bitcoin reserves.
