Hong Kong Considers Bitcoin Integration Amid U.S. Market Disruptions

According to Odaily, Hong Kong Legislative Council member and chairman of the Web3 Virtual Asset Development Subcommittee, Ng Kit Chuang, emphasized the need for Hong Kong to explore strategies to maintain national financial security amid U.S. disruptions in the Bitcoin and traditional asset markets. In a recent interview, Ng suggested leveraging the 'one country, two systems' principle to pioneer the inclusion of Bitcoin in the foreign exchange fund assets. This move could potentially offer a pathway for the nation to utilize its Bitcoin holdings effectively. Ng addressed the question of whether holding Bitcoin could assist the Special Administrative Region (SAR) government in combating its fiscal deficit. He acknowledged that while Bitcoin could serve as a tool for asset appreciation, significant holdings would be necessary to achieve noticeable effects. With the current government deficit exceeding HKD 100 billion, Ng noted that only minimal holdings would not substantially aid in deficit reduction. Instead, Bitcoin's role would be more focused on preserving value rather than enhancing it.