A lawmaker in Hong Kong is reportedly proposing including Bitcoin (BTC) to the area’s reserves for the aim of monetary stability.
Wu Jiexhuang, a member of the Hong Kong Legislative Council and chairman of the Web3 Digital Asset Growth Subcommittee, stated that the area ought to examine the best way to preserve monetary safety with BTC, in line with the state-controlled publication Wen Wei Po.
Jiexhuang stated 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 likely be extra secure, inflicting an increasing number of different nations to comply with swimsuit and scale back their holdings of conventional property. It will consequence within the fall of the value of conventional property and can shrink the federal government’s fiscal reserves holding conventional property.”
Earlier this 12 months, Hong Kong Exchanges and Clearing Restricted (HKEX), the most important inventory alternate in Hong Kong, introduced the launch of its personal “Digital Asset Index Collection.”
The index goals to supply 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 present within the means of finalizing licensing for almost a dozen completely different crypto exchanges, together with Crypto.com and Bullish.
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