Hong Kong Legislator: 'Hong Kong Should Stockpile Bitcoin for Financial Stability'

There has been a suggestion that the Hong Kong government should stockpile Bitcoin (BTC) as part of its foreign exchange reserves.

According to industry sources on the 30th, Johnny Ng, a member of the Hong Kong Legislative Council, recently stated in an interview with Hong Kong media TKWW that "Hong Kong should explore ways to include Bitcoin in its foreign exchange reserves by leveraging the advantages of the 'one country, two systems' principle." Foreign exchange reserves are one of the tools used by central banks to manage the value of their national currency.

Ng argued that stockpiling Bitcoin could stabilize finances. He stated, "The Hong Kong government can use Bitcoin as a means to strengthen its finances," adding, "Given that the current (Hong Kong government) fiscal deficit exceeds 100 billion yuan (approximately 20 trillion won), holding only a small amount of Bitcoin would not significantly help in reducing the deficit."