Hong Kong legislator Johnny Ng advocates for rapid pro-crypto regulatory progress due to the statements made by U.S. AI and crypto czar David Sacks.
Ng highlighted the February 5 press conference by Sacks because cryptocurrency development emerged as a fundamental element in international political and economic competition during the Trump presidency.
The global digital economy now treats cryptocurrency as its primary competition field. The post continues with Ng stating that blockchain technology provides economic stimulation to slow worldwide economic growth.
Ng Calls for Crypto Acceleration
Ng recognized the current initiatives in Hong Kong toward becoming a global crypto hub yet pointed out these initiatives are not adequate for international competition. He argued that the city required immediate aggressive measures to stop its decline in worldwide competition.
Although Hong Kong maintains its positive hardworking nature the world advances quickly so we need to accelerate our progress if we wish to remain at the forefront. He warned that Hong Kong requires immediate advancement of several strategic areas during this year lest it loses ground to international competitors.
Ng introduced multiple strategic proposals to enhance Hong Kong’s cryptocurrency industry by speeding up Bitcoin reserve research alongside platform transaction broadening and stablecoin issuance access along with digital asset department formation to support artificial intelligence and crypto development efforts. He proposed that Hong Kong should ask China to participate in testing stablecoin applications in the Chinese market.
The comments made by Ng reflect those of Sacks during his press conference about President Trump’s national crypto policies. The need for conducting a feasibility study regarding maintaining a Bitcoin reserve was identified by Sacks while he promoted stablecoins as a component to amplify U.S. dollar power.
Hong Kong requires immediate action in crypto because the intensifying global competition demands the city to protect its status as a top cryptocurrency hub.
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