Hong Kong Legislator Proposes Adding Bitcoin to National Reserve!

in Tron Fan Club19 days ago

Hong Kong has long been known as a crypto-friendly country. Last year also the country was in talks due to several measures. Even in the interim, the country imposed deadlines for registration of its domestic crypto exchanges and banned those that failed to register and obtain approval. Currently, one of the country's legislators has suggested that the digital currency Bitcoin be included in its national reserve for financial security. That's why he shared his views and wants the special administrative region through Hong Kong to take advantage of China's "one country, two systems" policy to include Bitcoin in the country's national reserve for financial security.

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Hong Kong is quite popular when it comes to crypto. Moreover, this country provides various crypto services for its citizens. Moreover, many citizens of this country are encouraged to invest in these currencies based online and have a good amount of them in the market. A member of the country's Legislative Council also claimed that Hong Kong could study the impact of the US-based spot bitcoin market. However, through this, other small countries that have spot ETFs can benefit. Such as El Salvador and Bhutan, which have integrated Bitcoin into their strategic reserves. However, we do know that Trump's various crypto-based campaigns and his proposal to make Bitcoin a strategic reserve asset in the recent US presidential election could have a significant impact on traditional markets.

China has a policy for Hong Kong that we all know and it belongs to one country, two systems. So Hong Kong can currently make good use of Bitcoin by making it a monetary reserve. That's why the country should first try to include bitcoin in ETFs. Then ways to increase holdings of Bitcoin should be explored. For this, the country must increase its investment. To attract talent and investment, Bitcoin's potential needs to be highlighted to citizens while also striving to strengthen financial stability in the face of market fluctuations so that citizens have their finances in order. That's why one of the country's legislators insisted that holding bitcoin as part of the national reserve could reduce barriers to greater adoption in traditional markets. And if it can do so and include bitcoin as part of the reserve, it gives Hong Kong a first-mover advantage.

The lawmaker said the country's Financial Services and Treasury Bureaus are expected to come up with new regulations. That's why crypto regulations will be formulated so that the same business, the same risks, the same rules are based on it. If the country can include Bitcoin as a reserve then it will make the value of Bitcoin more stable. Currently Hong Kong is not the only Bitcoin reserve thought to be. The United States has a large amount of Bitcoin reserves and is the first country to have large reserves. But another thing is that China currently holds over 2 million bitcoins through various confiscation efforts. Currently, China ranks second only to the United States in terms of Bitcoin reserves. But the move Hong Kong is currently considering will take the country to other heights if they include Bitcoin as a reserve. However, if you want to know more details about it, then you can read this news .

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 19 days ago 
 19 days ago 

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This is very good news.

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