Binance tax evasion verdict set for October

Hong Kong SAR Legislative Council Member Wu Jiezhuang has announced plans to collaborate with various stakeholders to assess the feasibility and potential benefits of incorporating Bitcoin into the region's financial reserves.

In a recent post on X, Wu, a member of the National Committee of the Chinese People’s Political Consultative Conference, emphasized the increasing global recognition of Bitcoin tems. The legislator's initiative is part of a broader effort to accelerate the development of the Web3 ecosystem in Hong Kong.

Web3 represents the next generation of internet technologies, focused on decentralization, blockchain, and peer-to-peer interactions. Wu believes that Hong Kong is at a pivotal stage in regulatory compliance and industry development, which could pave the way for a more open and innovative market environment.

Strategic fiscal reserves and compliance

In Wu Jiezhuang's proposal to consider Bitcoin for financial reserves, he acknowledged that thorough research and compliance with existing regulations are essential to ensure the strategic and secure integration of Bitcoin into Hong Kong's fiscal reserves.

Wu’s proposal came in response to Republican Party presidential nominee Donald Trump’s speech at the Nashville Bitcoin Conference on July 27.

Beyond Bitcoin, Wu's vision for Hong Kong includes a robust and dynamic Web3 ecosystem. He urged the SAR government to focus on technological innovation and build a supportive environment for Web3 development.

Wu's advocacy is timely, as Hong Kong has made strides in digital finance and blockchain adoption. The region's regulatory framework is evolving to accommodate these new technologies, aiming to balance innovation and security.

Related: Stablecoin pegged to Hong Kong dollar unveiled