On up until recently available publication on X, Hong Kong legislator Johnny Ng gave out a personal view that a state’s BTC reserve is a concept worth discussing, especially in connection with what Mr. Trump had said at the Bitcoin 2024 conference. This includes the idea of a U.S. reserve of the BTC dollar as well.
Ng’s Vision for Bitcoin in Hong Kong
Ng, who is one of the members of the Hong Kong Legislative Council, described his view of Bitcoin and the web3 technology and also the potential they have for change and their impact on the region. Call or Text Agreement: Ng, as a strong supporter of web3 movement, sees Bitcoin as a potential source of digitalization of economies as well as a kind of “digital gold” for nations and territories.
Ng primarily drew attention to the fact that the worldwide communities are getting more and more used to BTC and it is now often viewed as a valuable asset. He believed that one of the solutions to the issue of the instability of the national currency could be the need to introduce a currency of an entirely different type which was not under the control of the government, such as by the introduction of Bitcoin and/or other digital currencies.
Pushing for Web3 Development in Hong Kong
Moreover, besides bringing data out from the blockchain and discussing the new technology with the parliament, he advised the Hong Kong policymakers to segment the development of the web3 industry into different sections. He stressed that the city needs to have an immediate and strong recruitment of cryptocurrency businesses that can supply the human resources required in developing the industry and also, focus the city as a node for innovation in digital economy.
Ng decided his notable publication by declaring that he is going to have a look in the next months at some basic ideas linked to adding up BTC into the reserve of the city. He confirmed a regular democratic process and turned his pledges to the general public that he will certainly inform about any process which will happen.
Background on Johnny Ng
Johnny Ng, who was elected in 2021 as the representative of the newly created Election Committee constituency in the Hong Kong Legislative Council, is active in the promotion of Bitcoin and web3 which clearly shows his dedication to the exploration for the resolution of the issues connected with Hong Kong’s monetary market and its worldwide competitiveness.
U.S. Influence on Bitcoin Adoption
Ng emphasized Trump’s comments that took place after the Bitcoin 2024 conference. Trump’s guarantee was that, if he wins in the November elections, he would organize a “strategic national Bitcoin stockpile.” Along with Trump’s speech, U.S. Senator Cynthia Lummis formalized her proposal for the Bill that would reserve the Bitcoin for the country, thus the trend in the USA to this cryptocurrency could be confirmed.
