Official statements from Hong Kong's government or financial regulatory bodies

Hong Kong Lawmaker Wu Jie Proposes Using Exchange Fund to Include Bitcoin in Fiscal Reserves

Dec 30, 2024, 02:38 AM

A Hong Kong lawmaker, Wu Jie, has proposed the inclusion of Bitcoin in the city's fiscal reserves, suggesting the use of the Exchange Fund to purchase and hold the cryptocurrency long-term. The proposal aims to stimulate the development of the cryptocurrency industry in Hong Kong, attract funds, and boost revenue. Wu Jie highlighted the potential for Bitcoin to enhance economic resilience and attract innovative businesses, citing its limited supply and potential as a hedge against inflation. This move comes as Hong Kong continues to advance in crypto regulation, with the People's Bank of China acknowledging the city's leadership in managing and integrating digital assets, as detailed in the Financial Stability Report 2024.