"Hong Kong Lawmaker Proposes Bitcoin as Strategic Reserve, Stablecoin Pilot Programs"

Hong Kong lawmaker Johnny Ng has been advocating for the integration of cryptocurrencies into the city's financial landscape. In a recent push, Ng proposed Bitcoin as a strategic reserve, stablecoin pilot programs, and expanded crypto trading to boost innovation. Ng's proposals come at a time when the global cryptocurrency market is gaining traction, with the U.S. government also showing increased interest in the sector.

Ng's proposals include Bitcoin analysis regarding its suitability as a strategic reserve system, as well as the formation of stablecoin pilot programs backed by Chinese authorities. He also called for the government to lift its rules regarding token trades at official virtual asset trading platforms. Ng's proposals aim to strengthen Hong Kong's position in the global cryptocurrency market and enhance its role in the global digital economy.

Hong Kong has been establishing itself as a virtual asset hub, adopting policies similar to those used by the United States. Both governments have introduced the Interagency Cryptocurrency Task Force and the Third Generation Internet Development Task Force. Additionally, efforts to draft stablecoin legislation are underway at both the U.S. Congress and the legislative branches and monetary organizations of Hong Kong.

Ng emphasized the need for Hong Kong to enhance its speed in implementing these initiatives, as delays could result in the city falling behind its competitors. He proposed multiple initiatives for the coming year, including moving Bitcoin into a strategic reserve and establishing secure spaces for stablecoin companies to speed up their execution. Ng also advocated for starting proof-of-concept stablecoin programs in Hong Kong and the Greater Bay Area to enhance international trade capabilities. Furthermore, he proposed an expansion of trading token offerings and the creation of a virtual asset office to drive AI and virtual asset advancement.

In addition to these proposals, 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.