Hong Kong Lawmaker Wu Jiezhuang Proposes Exploring Bitcoin Integration into the Region's Financial Reserves

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.

A Hong Kong pro-Beijing lawmaker has announced a strategic initiative to integrate Bitcoin into the region's financial reserves. Wu Jiezhuang, a member of the Hong Kong SAR Legislative Council and the National Committee of the Chinese People's Political Consultative Conference, highlighted the increasing global acceptance of Bitcoin in a statement on the social media platform X.

Highlighting Bitcoin's potential as a hedge against inflation and its relevance to Hong Kong's economic strategy, Wu noted the growing recognition of the cryptocurrency as "digital gold." He pointed out that Bitcoin's decentralized nature and limited supply have made it an attractive asset for investors worldwide.

Wu's proposal calls for a thorough exploration of how Bitcoin can be incorporated into Hong Kong's fiscal reserves, emphasizing the need to follow existing regulations to ensure secure integration.

This initiative aligns with Hong Kong's broader efforts to advance the Web3 ecosystem, which encompasses a new generation of internet technologies that prioritize decentralization and blockchain innovation. Wu stressed the importance of the Special Administrative Region (SAR) government creating a regulatory environment that supports Web3 development.

As Hong Kong progresses in digital finance and blockchain technology, Wu's remarks come at an opportune time. The region's evolving regulatory framework aims to find a balance between encouraging innovation and ensuring security.

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