Hong Kong Monetary Authority Rules Out Using Foreign Exchange Reserves for Bitcoin Purchase

IconCryptoNewsTerminal Staff30 Jul, 2024

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Hong Kong Monetary Authority Rules Out Using Foreign Exchange Reserves for Bitcoin Purchase

Hong Kong Monetary Authority Rejects Bitcoin Purchase Proposals The Hong Kong Monetary Authority (HKMA) has dismissed calls to use its foreign exchange reserves to acquire Bitcoin. According to Orange News, the HKMA stated that cryptocurrencies are not included within the Exchange Fund's investment scope. This decision comes after suggestions from Hong Kong Blockchain Association co-chairman Alan Fang and pro-crypto lawmaker Johnny Ng to incorporate Bitcoin into the government's strategic asset portfolio. Despite these proposals, the HKMA remains firm in its stance, emphasizing its focus on diversifying risks and maximizing long-term returns through investments in global markets and assets. This decision aligns with similar sentiments expressed by central banks worldwide, highlighting the cautious approach towards cryptocurrencies within the traditional financial sector.

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