Thomas Daniels
Hong Kong SAR Legislative Council Member, Wu Jiezhuang, has announced a strategic initiative to explore the potential integration of Bitcoin into the region’s financial reserves. In a statement made on the social media platform X, Wu, also a member of the National Committee of the Chinese People’s Political Consultative Conference, highlighted the increasing global acceptance of Bitcoin, often referred to as “digital gold.” He emphasized its potential as a hedge against inflation and as a valuable addition to Hong Kong’s economic strategy.
Wu noted that Bitcoin’s decentralized nature and limited supply have made it a compelling asset for investors worldwide. His proposal advocates for a detailed exploration of how Bitcoin could be incorporated into Hong Kong’s fiscal reserves, stressing the importance of compliance with existing regulations to ensure secure integration.
This initiative aligns with Hong Kong’s broader efforts to advance the Web3 ecosystem—a new generation of internet technologies emphasizing decentralization and blockchain innovation. Wu urged the Special Administrative Region (SAR) government to create a regulatory environment that fosters technological innovation and supports the development of Web3.
Wu’s remarks are timely as Hong Kong continues to make significant progress in digital finance and blockchain technology. The region’s evolving regulatory framework aims to strike a balance between fostering innovation and ensuring security.
