Johnny Ng’s Vision for Bitcoin and Web3 in Hong Kong

Johnny Ng, a member of Hong Kong’s Legislative Council, plans to position Hong Kong as a leader in Bitcoin and Web3 technologies. He intends to assess the feasibility and benefits of integrating Bitcoin into Hong Kong’s financial reserves. Ng emphasizes that these measures could further strengthen Hong Kong as a leading financial center.

Bitcoin as “Digital Gold”

Ng highlighted the global recognition of Bitcoin as “digital gold.” It is valued for its worth and protection against inflation. He argues that incorporating Bitcoin into Hong Kong’s strategic tax reserves could be advantageous under suitable regulatory conditions. It is known for its limited availability and decentralization, making it an attractive store of value.

Rise of Bitcoin and Web3

Bitcoin and Web3 technologies are gaining traction worldwide. Bitcoin, due to its decentralization and limited availability, is seen by many investors as a valuable asset. Ng pointed out that it has become a crucial element in the global discourse on digital assets and their integration into traditional financial systems. The growing acceptance of Bitcoin could help Hong Kong assume a leading role in global finance.

Development of the Web3 Ecosystem

Web3 represents the next generation of internet technologies, focusing on decentralisation and blockchain. These technologies enable peer-to-peer interactions and new business models. Ng sees Hong Kong in a pivotal phase of regulatory adjustment and industry development. This could pave the way for a more innovative and open market environment. Ng stresses that the development of the Web3 ecosystem in Hong Kong should be accelerated to enhance the region’s competitiveness.

Regulatory Considerations

Ng emphasizes that thorough examination and compliance with existing regulations are essential to securely integrate Bitcoin into Hong Kong’s tax reserves. His proposal responded to the speech by Republican presidential candidate Donald Trump at the Bitcoin 2024 conference. Ng believes that regulatory compliance not only ensures security but also strengthens investor confidence. A transparent and regulated environment could foster the acceptance of Bitcoin and other digital assets.

Promoting Technological Innovation

Ng’s vision for Hong Kong includes a dynamic Web3 ecosystem. He calls on the government to promote technological innovations and create a supportive environment for Web3 development. Hong Kong’s financial sector is making strides in adopting digital finance and blockchain. The regulatory framework is evolving to balance innovation and security. Ng emphasizes that a proactive stance towards new technologies is crucial to reinforcing Hong Kong’s status as a global financial center. Supporting innovation and establishing a stable regulatory environment could promote long-term economic growth and secure a pioneering role for Hong Kong in the digital economy.

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