Hong Kong Urged to Accelerate Bitcoin Strategy & Stablecoin Adoption

Hong Kong’s legislator Johnny Ng in his latest tweet emphasized the urgent need for Hong Kong to accelerate its cryptocurrency strategies following US AI and cryptocurrency Czar David Sacks’ announcement of a new US regulatory framework and stablecoin bill. According to the legislator, three areas need a great amount of focus and these areas are: studying the feasibility of Bitcoin (BTC) as strategic reserve, seeking China’s support for pilot stabelcoin applications and relaxing regulations on the licensed virtual assets trading platforms.

Bitcoin Strategic Reserve Establishment in Hong Kong

In the tweet, Ng pointed out that even though Hong Kong has made a significant progress in the field of virtual assets, in order to keep up with the changes and to remain on the top of the industry, being fast paced is very important. With all the well-known countries such as the U.S., Germany, Russia are discussing establishment of the Bitcoin strategic reserves, Hong Kong should not be left behind and hence establishment of BTC strategic reserve should be one of the major focal point as of now.

Initiate Issuing of Stablecoins

Ng also called for immediate action on seeking support from China for issuing stabelcoins as the legislator thinks that these stabelcoins tokens can address more pain points in international trade, which will enhance economic efficiency and innovation in its country.

Lenient Regulations on Virtual Asset Trading Platform

The legislator has also asked to provide some relaxation when it comes to the restrictions that have been imposed on the virtual asset trading platforms as it would allow broader range of token transactions. This move would also attract more investors to the platform and would help the digital ecosystem of Hong Kong.

According to the legislator, if the three points that have been pointed out by the legislator are focused upon, then this move will strengthen Hong Kong’s financial resilience.

In order to get these things done, the legislator plans to travel to the U.S. where he will be attending the Bitcoin US Summit and strengthen his ties.

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