CandleFocus Hong Kong Lawmaker Proposes Bitcoin Fiscal Reserves
2024-12-30
Author: Content Editor
Hong Kong legislator Wu Jiezhuang has proposed integrating Bitcoin into the city's fiscal reserves, using the Exchange Fund to purchase and hold Bitcoin long-term. The goal is to stimulate the development of Hong Kong's cryptocurrency industry, attract global funds and talent, and increase transaction stamp tax revenue. Wu believes that incorporating Bitcoin into the reserves can enhance financial security and diversify assets, as other countries and US states have started doing. He acknowledges the volatility and cybersecurity risks of Bitcoin but suggests limited inclusion in government reserves, highlighting its growing adoption and integration into mainstream finance. Wu also proposes creating Bitcoin-based ETFs to activate the value of existing holdings.
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