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I also had to do something like this for my Python project and ended up with this:

'#000' if int(my_color, 16) > 0xffffff/2 else '#fff'

This approach isn't perfect, but it does the job.

No it doesn't. That effectively ignores the green and blue channels.

Ah, thank you very much for pointing that out!

This is ugly, but it should do the job:

"#000000" if sum([int(i,16) for i in re.findall("..",myColour)]) > 382.5 else "#ffffff"