Hong Kong legislator Johnny Ng has ignited a new debate in the crypto world by proposing that Bitcoin be considered as part of the region’s official financial reserves.

Citing Bitcoin’s growing global acceptance and its status as “digital gold,” Ng suggested that incorporating the cryptocurrency into strategic financial reserves is a viable option, provided it aligns with regulatory frameworks.

He plans to engage with Hong Kong stakeholders to explore the feasibility of this proposal.

Ng’s announcement comes on the heels of US presidential candidate Donald Trump’s endorsement of cryptocurrencies at the Bitcoin 2024 Nashville conference.

Trump expressed interest in adding crypto to US government reserves and vowed to remove SEC Chair Gary Gensler if elected.

Hong Kong Aims for Web3 Hub Status

Beyond proposing Bitcoin as a reserve currency, Ng outlined Hong Kong’s broader ambitions to become a global tech and finance leader.

He stressed the importance of creating a friendly environment for blockchain businesses while maintaining strict regulations.

Ng also highlighted the need for strong safeguards to protect digital assets as the market grows.

This includes finding the best ways to store these assets securely and setting clear rules for the industry.

With the crypto world constantly changing, Hong Kong’s approach to Bitcoin and blockchain technology is being closely watched. Ng’s ideas could make Hong Kong a major player in the digital asset industry.