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Hong Kong's Wu Jie Proposes Bitcoin Inclusion in Fiscal Reserves for Financial Security

Dec 30, 2024, 11:27 AM

A Hong Kong legislator, Wu Jie, has proposed the inclusion of Bitcoin in the city's fiscal reserves to enhance financial security and stimulate the development of the cryptocurrency industry. Wu suggests leveraging Hong Kong's 'one country, two systems' policy to potentially experiment with Bitcoin in exchange-traded funds (ETFs) before expanding its holdings. The proposal aims to attract funds and innovative businesses, citing Bitcoin's limited supply and potential as a hedge against inflation. Wu also highlighted the global trend of major economies incorporating Bitcoin into their reserves, suggesting that strategic adoption could benefit financial systems without exposing them to excessive risk. Additionally, Wu Jiezhuang, the Chairman of the Exchange Fund, supports this move, believing it could enhance economic resilience.