Hong Kong legislator Johnny Ng recently stressed the need to speed up their own strategic Bitcoin reserve plan amid the recent push by America’s newly appointed crypto czar David Sacks. The legislator noted that the nation has already introduced similar measures to the US, in the race to become Asia’s crypto hub. Thus, Johnny Ng believes that adopting a BTC reserve plan shouldn’t be that hard.
Will Hong Kong Announce Its Strategic Bitcoin Reserve Soon?
Amid the growing push for digital assets worldwide, Hong Kong is working to position itself as the global hub for cryptocurrency. Legislator Johnny Ng noted that over the past two years, the country has already initiated measures that align with the recent strides made by the United States under the Donald Trump administration. Thus, Ng believes that the region is well-positioned to leap forward to building its own strategic Bitcoin reserves.
At the government level, HK has established a Third Generation Internet Development Task Force, drawing parallels to the White House’s Interagency Cryptocurrency Task Force.
On the legislative front, the Hong Kong SAR Legislative Council has created the Web3 and Virtual Asset Development Subcommittee, echoing the work being done by the U.S. Republican Senate and House cryptocurrency working group.
Moreover, both Hong Kong and the US are actively examining stablecoin legislation, with the latter reviewing the stablecoin bill through the HK Monetary Authority’s Sandbox and the Legislative Council.
Maintaining the Competitiveness With United States
Despite these positive steps, Hong Kong legislator Johnny Ng believes there is a need for greater urgency to maintain competitiveness in the global digital economy and take the early movers’ advantage.
He outlined several key actions for the country to implement in 2025. This includes accelerating research into strategic Bitcoin reserve, expanding permissions for stablecoin companies, seeking national support for stablecoin applications in the Greater Bay Area, relaxing trading types for licensed virtual asset platforms, and establishing a digital asset office to promote AI and virtual asset development. Ng also shared plans to attend the Bitcoin US Summit in May, aiming to foster deeper cooperation between Eastern and Western cryptocurrency industries.
David Sacks Pushes for Crypto Growth In the US
America’s crypto czar David Sacks held a press conference on Tuesday, wherein he revealed that the United States would be weighing a strategic Bitcoin reserve. Sacks announced the formation of a bicameral working group in Congress, tasked with developing cryptocurrency regulatory frameworks.
He emphasized that the development of cryptocurrency has become a major point of consensus in U.S. politics, particularly after the new government took office. David Sacks also pointed to the upcoming stablecoin bill, which he believes will bolster the U.S. dollar’s global leadership.
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