Hong Kong Lawmaker Johnny Ng Pushes for Bitcoin as a Strategic Reserve, Stablecoin Pilot Programs, and Expanded Crypto Trading to Boost Innovation

Hong Kong legislator Johnny Ng has called for urgent action to strengthen the city's position in the global cryptocurrency market.

Hong Kong lawmaker Johnny Ng is pushing for a range of initiatives to boost the city's status as a crypto hub, including adding Bitcoin to its strategic reserve, launching stablecoin pilot programs, and expanding crypto trading.

Ng, who is also a member of the Legislative Council's Panel on Financial Affairs, recently highlighted the need for urgent action to strengthen Hong Kong's position in the global cryptocurrency market. He called for the government to conduct an in-depth analysis of Bitcoin's suitability as a strategic reserve system, following the footsteps of several countries that have begun adding BTC to their national reserves.

The lawmaker also stressed the importance of stablecoins in facilitating cross-border payments and remittances. He urged the Chinese authorities to support the development and piloting of stablecoins, which could further enhance Hong Kong's role as an international financial center.

Furthermore, Ng called on the government to lift its restrictions on token trades at licensed virtual asset trading platforms. This move, according to Ng, would provide more options for crypto traders and boost innovation in the digital asset market.

In a recent X post, Ng shared David Sacks' meeting with Republican officials at a press event, where the U.S. government showed rising cryptocurrency backing. At the conference, a cross-party regulatory group was formed to establish crypto regulations. According to Sacks, the stablecoin bill will reinforce the dollar as a leading international currency. Ng used this evidence to show how cryptocurrency has become the central strategic point in the global digital economy.

Hong Kong has been establishing itself as the Asian hub for virtual assets. The city has been adapting its policies over the last two years using methods that resemble those employed by the United States.

Both nations faced similar challenges after introducing the Interagency Cryptocurrency Task Force and the Third Generation Internet Development Task Force, respectively. Additionally, both the U.S. Congress and Hong Kong's legislative branches and monetary organizations are making comparable efforts to draft stablecoin legislation.

According to Ng, Hong Kong needs to enhance its speed because delays could result in the city falling behind its competitors. For the coming year, the leader introduced multiple initiatives, including moving Bitcoin into a strategic reserve and establishing secure spaces for stablecoin companies to speed up their execution.

He proposed starting proof-of-concept stablecoin programs in Hong Kong and the Greater Bay Area to enhance international trade capabilities. In addition, he advocated for both an expansion of trading token offerings and a virtual asset office creation to drive AI along with virtual asset advancement.

Last but not least, Ng expressed interest in promoting partnership development between crypto businesses from Eastern and Western regions. He aims to use this opportunity to collaborate with industry experts and advance Hong Kong's role in the global digital economy.