What do you think will happen once Hong Kong legalizes bitcoin?

[AllYourBitcoinRBelong2Us]

Some of you probably saw the news that bitcoin will be fully legal to its citizens in June. What do you guys think will happen to Bitcoin?

[1714651979]

1714651979

[1714651979]

1714651979

[mk4]

Then if the news is actually true, then bitcoin will be more accessible to people? (which is great, obviously) But what else are you expecting? A bombastic green candle that would bring bitcoin to all-time highs? Lol

[EFS]

Some of you probably saw the news that bitcoin will be fully legal to its citizens in June. What do you guys think will happen to Bitcoin?

That would be good for Hong Kong citizens. Nothing will change for Bitcoin. When the time comes, most countries will have to accept it anyway. No one can stand in the way of technology.

[LogitechMouse]

I don't know if there is another article related to this, but this what I saw:
https://dailycoin.com/bitcoin-surges-12-to-8-month-high-with-hong-kong-set-to-legalize/

In actualizing this plan, Hong Kong will officially legalize crypto buying, selling, and trading for all its citizens by June of this year. The city is already developing a robust regulatory framework, which could see it take the lead in crypto adoption.

HongKong is related to China, and it's said on that article that expect a huge influx of money coming from the Chinese people. Well, I guess this is what will happen. Expect more money coming into the crypto market. This news alone already made Bitcoin's price go up again, but unfortunately it can't surpass still the $25,000 price resistance.

[Despairo]

To be honest there's no change because Hong Kong had been accept Bitcoin since 2013 [1] their citizens can buy, sell or hold Bitcoin. But the difference is Hong Kong want to regulate Bitcoin, but they're not accept Bitcoin as a legal tender. But many journalists are exaggerating this news and it make people think it will give huge influence towards Bitcoin adoption. Some people even confuse between China and Hong Kong, they think China wanted to accept Bitcoin again after they completely ban it, but it's not and China is still ban Bitcoin.

[1] https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory#Hong_Kong

[GreatArkansas]

I am bullish if this is true and will become effective immediately. Hong Kong could gain a lot of business, especially with cryptocurrency.
For the cryptocurrency market, I am positive there will be a lot of new platforms that will start to pop and most of these are backed by Asians, Chinese particularly and I believe these projects could have a potential next unicorn company.
Take note that most of the top cryptocurrency exchanges were born in Asia just like Binance, so for me, bullish!

[MarjorieZimmermanGinger]

Some of you probably saw the news that bitcoin will be fully legal to its citizens in June. What do you guys think will happen to Bitcoin?

A pretty good step taken by Hong Kong in legalizing bitcoin, because in the future the Hong Kong community can buy, sell and hold bitcoin as a long -term investment asset in the country, another positive impact of this legalization will have an impact on the cryptocurrency business and a new platform Starting developed, because many companies in this field will place Hong Kong as a new destination in the development of both.

What is certain is that positive values will continue to be in contact with the legalization carried out by the Hong Kong government and certainly the person involved in the investment will increase with legal certainty about the legalization carried out by the Hong Kong government. But what must be underlined the Hong Kong government does not receive bitcoin as a valid payment tool.

[BALIK]

Some of you probably saw the news that bitcoin will be fully legal to its citizens in June. What do you guys think will happen to Bitcoin?

Are you looking forward to increasing Bitcoin prices from these events? You can expect it, but I'm not sure it will happen. But it is a positive news for Bitcoin when we can see that many countries have begun to see the potential of Bitcoin and accept it. Not only Hong Kong, I hope that this year we can hear much news like this, many countries will accept Bitcoin, and countries that ban it will soon remove the Bitcoin ban. Bitcoin is an inevitable revolution.

[xSkylarx]

I didn't read in the news that Bitcoin or crypto was banned in Hong Kong. It is just regulated, but if this is some sort of making Bitcoin legal, then I think it will have the same impact as other countries that legalize it; it will make more users of bitcoin, more buyers, and also more holders at the same time. We also see a bitcoin sticker stating that they will accept bitcoin as a payment method. It could possibly affect the price, but not to the point where you'll reach ATH.

[reagansimms]

With the policy adopted by the Hong Kong Regulator, it will provide space for retail investors and its citizens to trade crypto assets which were previously prohibited by the local government. Plans to legalize crypto assets began to be outlined in the Securities and Futures Commission (SFC) consultancy proposal published on February 20, 2023. The content contained in the proposal outlines SFC's plan to legalize individual retail investors to trade crypto assets on government-licensed crypto exchanges.


Source: https://twitter.com/WuBlockchain/status/1627587806590799872?t=p-NjtkZSs_Ijz04KuYgPrg&s=19

No one can resist technology, initially countries that once looked down on Bitcoin, finally gave a place to exist in their country. This news is certainly good for the majority of Hong Kong residents.

[pooya87]

As far as I know bitcoin has never been "illegal" in Hong Kong or even in China for that matter. They just banned certain things in China like mining and even less things in Hong Kong where people are still mining bitcoin.
So it depends on what "legalize" means in this context. The regulations they put in place will determine their effects. For example it could be positive regulations for exchanges and mining farms which means it would attract a lot of investors from China and possibly elsewhere to build the industry there.

[Justtoons]

It won't change anything, because Bitcoin has always being a thing in Hong Kong.


It was In, 2018 when  Bitcoin trading in Hong Kong  was only restricted to top professional traders or investors with a very high portfolio. And this reduced the amount of investors coming into the country as not all of them could meet up with such requirements given by the government of Hong Kong.


It will only affects their country in a positive way because individuals with low investment capitals can now take part in cryptocurrency trading activities and not left behind and also give way for more investors to come in.

[Lucius]

Taking into account what @LogitechMouse and @Despairo wrote in their posts and what can be read in the linked article, I do not see how all this that is announced will increase the legality of trading in HK, especially in the context of the fact that the new regulations are aimed at HK residents, not foreign nationals or companies.

In addition, there is also talk about "Asian currency-based stablecoin", which is a scenario that has already been seen in many cities around the world that have used "Bitcoin" to actually promote their tokens/stablecoins. And finally, I wonder how China will react to such decisions, because regardless of its status as a special administrative region, the communists in Beijing will not be thrilled that such things are happening on their doorstep.

However, considering the current situation in the China - Russia - US relationship, I assume that CP's focus is elsewhere.

[LDL]

Some of you probably saw the news that bitcoin will be fully legal to its citizens in June. What do you guys think will happen to Bitcoin?

The groundbreaking step Hong Kong has taken to legalize Bitcoin is truly commendable. In September 2021 Salvador declared Bitcoin legalized and every people in Salvador spontaneously started using Bitcoin for their daily activities. Although the majority of the population of EI Salvador was against legalizing Bitcoin. As Hong Kong is going to recognize Bitcoin as legal tender, Hong Kong is taking this step realizing the far-reaching value of Bitcoin.

[Ahli38]

what will happen is the usual thing that happens when positive news comes out. i.e. the market is excited again. Bitcoin holders are growing rapidly. hype increased. and other habits that usually occur in the crypto market when there is news that is considered quite good. then a new FUD appears and so on one after the other.
However, I really appreciate Hong Kong's efforts. even some big exchanges like huobi, gate.io and bitget are applying for licenses to trade crypto in hongkong. that's what I read from each CEX's twitter.

and I hope with this we get closer to wider bitcoin adoption in the future.

[348Judah]

Some of you probably saw the news that bitcoin will be fully legal to its citizens in June. What do you guys think will happen to Bitcoin?

Why not provide a link to this news, there's nothing nuch regarding using bitcoin, allowing it payment in the economy a legal thing and lastly accepting it as a legal tender, we don't know which of these will be acceptable yet with them not until then, we may also have other countries to come onboard before Hong Kong while it decision is still yet not finalized, but base on what we have now El-Savador and Central African Republic only adopted bitcoin as a legal tender.

[LDL]

That would be good for Hong Kong citizens.

Hong Kong people have been using Bitcoin for a long time, with a 2021 survey showing that 3.27% of Hong Kong's total population, or 245k, use the cryptocurrency directly and indirectly. However, despite being a country in Asia, Hong Kong, which is dominated by China, has launched the Digital Yuan announced by the China Central Bank in Hong Kong. Although China directly and indirectly bans cryptocurrencies, it is a matter of concern how reasonable it is for China to support the legalization of Bitcoin in Hong Kong. However, the people of Hong Kong will not oppose the legalization of Bitcoin, rather they support Bitcoin.

[tbct_mt2]

It is good for Hongkong, their nation and their citizens initially. After that, it is good for cryptocurrency companies that have their licenses and main offices in China mainland. They will be able to move to Hongkong and get more friendly, legally business environment there. Like years ago, many cryptocurrency exchanges had to move their offices to other locations, just moved out of China mainland.

In long future, I don't think it is big deal. Countries will accept and legalize Bitcoin more and it is a trend for all countries. In addition, we as citizens don't need legal tender to use Bitcoin. If you have a self custodial wallet and have bitcoins, you can move your coins with confirmation from miners that are everywhere globally.

[Rikafip]

As Hong Kong is going to recognize Bitcoin as legal tender, Hong Kong is taking this step realizing the far-reaching value of Bitcoin.

If you bothered to read the other posts in this topic other than the one written by OP ((even he didn't say that) you would see that Hong Kong has no plans to make Bitcoin as a legal tender and instead just make it easier for people to buy/sell/trade. While that's a positive news nevertheless, its far from making bitcoin legal tender and I have no idea how you came to that conclusion.

[bittraffic]

Bitcoin doesn't need to be a legal tender in Hongkong to be adopted, there were already people using BTC even before 2017. Hongkong plans to be the cryptocurrency hub in Asia, I guess this will make it very huge. There were already many Chinese altcoins pumping recently when Hongkong announced they are reopening crypto trading for retailers such as VET.

Despite China banning BTC which there is a chance the PRC will prevent from happening, there is no attempt from the communist party to stop it.