The US crypto czar declared that Bitcoin reserves are being impacted, and Hong Kong legislator Johnny Ng stated that they must implement comparable measures.
Johnny Ng, a legislator from Hong Kong, recently emphasized the necessity of expediting their own strategic Bitcoin reserve plan in response to the recent initiative of David Sacks, the newly appointed crypto administrator of the United States. The legislator observed that the nation has already implemented comparable measures to those of the United States to establish itself as Asia’s crypto center. Therefore, Johnny Ng believes implementing a BTC reserve plan should not be particularly challenging.
Will Hong Kong announce its strategic Bitcoin reserve shortly?
Hong Kong is endeavoring to establish itself as a worldwide cryptocurrency center in response to the global demand for digital assets. Legislator Johnny Ng observed that the nation has already implemented policies that correspond with the recent advancements achieved by the United States under the Donald Trump administration in the past two years. Consequently, Ng is confident that the region is well-positioned to advance in developing its own strategic Bitcoin reserves.
A third-generation Internet development task force has been established at the government level in Hong Kong, similar to the Interagency Cryptocurrency Task Force of the White House.
On the legislative front, the Hong Kong SAR Legislative Council has established the Web3 and Virtual Asset Development Subcommittee, which aligns with the efforts of the US Republican Senate and House cryptocurrency working group.
Additionally, stablecoin legislation is currently under review in both the United States and Hong Kong. The latter is conducting this review through the Legislative Council and the HK Monetary Authority’s Sandbox.
Sustaining Competitiveness with the United States
Johnny Ng, a Hong Kong legislator, contends that there is a necessity for increased urgency to preserve competitiveness in the global digital economy and capitalize on the early adopters’ advantages despite these positive developments.
He delineated several critical initiatives that the nation should execute in 2025. This encompasses the following: expediting research into a strategic Bitcoin reserve, broadening the permissions for stablecoin companies, pursuing national support for stablecoin applications in the Greater Bay Area, easing trading types for licensed virtual asset platforms, and establishing a digital asset office to foster the development of AI and virtual assets. Ng also disclosed her intention to participate in the Bitcoin US Summit in May to promote more extensive collaboration between the Western and Eastern cryptocurrency sectors.
David Sacks Advocates for the Growth of Cryptocurrencies in the United States
David Sacks, the United States’ crypto advisor, conducted a press conference on Tuesday during which he disclosed that the country is contemplating the establishment of a strategic Bitcoin reserve. Sacks announced the establishment of a bicameral working committee in Congress, which is responsible for developing cryptocurrency regulatory frameworks.
He emphasized that the development of cryptocurrency has become a significant point of consensus in US politics, mainly since the new government assumed office. David Sacks also referenced the forthcoming stablecoin measure, which he believes will reinforce the global leadership of the US dollar.
