Hong Kong web3 politico Johnny Ng proposes that countries adopt Bitcoin as fiscal reserves

Johnny Ng, a member of the Hong Kong Legislative Council, announced Bitcoin’s potential as a financial reserve asset for countries and regions. Ng promised to involve various stakeholders to discuss the future of the possibility.

Ng, a member of the Hong Kong Legislative Council, published a lengthy post on X detailing the benefits of Web3 and Bitcoin in a financial ecosystem. He emphasized that Bitcoin and Web3 are emerging technologies that have gained global attention and mass adoption. Ng mentioned that Hong Kong leads in promoting financial and technological innovation.

In the post, the legislative council (LegCo) member stated that Web3 and Bitcoin are key milestones in the worldwide trend of globalization. According to Ng, distributed ledger technology has played a pivotal role in solving issues and innovating real-world applications, especially in the finance sector.

Ng believes Bitcoin could serve as a financial reserve asset 

Ng strongly believes that governments and countries could adopt and use Bitcoin as a strategic financial reserve asset so long as it is compliant with financial regulations. He mentioned that Bitcoin is gaining popularity worldwide and is heavily regarded by investors and crypto enthusiasts as “digital gold” for its intrinsic and underlying value. 

Ng commented on the need for Hong Kong to hasten the development of Web3 as the region’s frontrunner in legislation, regulation, and compliance. Ng wrote that the Hong Kong Special Administrative Region (HKSAR) should gradually, progressively, and responsibly employ effective efforts to open the industry in the jurisdiction.

“Now Hong Kong is at the forefront of the region in terms of compliant regulation and industry development, and I believe the HKSAR government will open the market in a gradual, progressive, and responsible manner.”

–Johnny Ng

Johnny Ng encouraged the Hong Kong administration to create a conducive environment that favors the industry’s development by attracting talent, investors, and industry entities. He also promised to cooperate with different entities to discuss the convenience and opportunities that arise in crowning Bitcoin as a financial reserve asset.

Johnny Ng engages the global Web3 community for policy suggestions

Johnny Ng has been an advocate of pro-crypto policies. On June 22nd, he wrote on X that the HKSAR Legislative Council established a sub-committee to oversee Web3 and virtual asset development. In the post, he encouraged policy suggestions, insights, and feedback from the global Web3 participants. 

Johnny’s X post followed a speech by Republican presidential candidate Donald Trump at the Bitcoin 2024 conference on Saturday. In his speech, Trump also hinted at capitalizing on Bitcoin as a strategic reserve asset and promised to loosen the unethical regulatory scrutiny imposed by the Biden-Harris administration on the crypto industry. Independent presidential aspirant Robert F. Kennedy Jr. also spoke at the event with similar plans for making Bitcoin a reserve asset.