Hong Kong Lawmaker Urges Bitcoin as Strategic Reserve

Hong Kong lawmaker Johnny Ng pushes for Bitcoin as a strategic reserve, stablecoin pilot programs, and expanded crypto trading to boost innovation.

Hong Kong legislator Johnny Ng has called for urgent action to strengthen the city’s position in the global cryptocurrency market. The expert advocated both Bitcoin analysis regarding its suitability as a strategic reserve system and the formation of stablecoin pilot programs backed by Chinese authorities. The speaker requested the government to lift its rules regarding token trades at official virtual asset trading platforms.

Johnny Ng published a recent X post that featured David Sacks’ meeting with Republican officials at a press event. The U.S. government showed rising cryptocurrency backing at this conference by creating a cross-party regulatory group to establish crypto regulations. According to Sacks the stablecoin bill will reinforce the dollar as a leading international currency. The evidence presented by Ng shows cryptocurrency has become the central strategic point in the global digital economy.

Hong Kong Strengthens Ties with Crypto Giants

The Asian virtual asset hub status is what Hong Kong establishes itself for. The city adopted its policies throughout the previous two years using methods resembling those used by the United States. Americans faced similar challenges to Hong Kong nationals after both governments introduced the Interagency Cryptocurrency Task Force along with the Third Generation Internet Development Task Force. Moreover, similar efforts to draft stablecoin legislation are underway at both the U.S. Congress and the legislative branches and monetary organizations of Hong Kong.

Ng states that Hong Kong needs to enhance its speed because delays could result in a falling position behind competitors. The leader introduced multiple initiatives for the coming year to move Bitcoin into a strategic reserve and establish secure spaces for stablecoin companies to speed up their execution. He proposed starting proof-of-concept stablecoin programs in Hong Kong as well as the Greater Bay Area to enhance international trade capabilities. In addition, he advocated for both an expansion of trading token offerings and a virtual asset office creation to drive AI along with virtual asset advancement.

Last but not least, Ng expressed interest in promoting partnership development between crypto businesses from Eastern and Western regions. He aims to use this opportunity to collaborate with industry experts and advance Hong Kong’s role in the global digital economy.