Bhutan’s Gelephu Mindfulness City Adopts Bitcoin, Ethereum, and Binance Coin in Strategic Reserves

Bhutan’s newest special administrative region, Gelephu Mindfulness City (GMC), is making a significant move in its economic strategy by adding Bitcoin, Ethereum, and Binance Coin to its strategic reserves. This decision makes GMC one of the first regions to officially include digital assets in its financial strategy.

The decision, announced in a press release on January 8, aims to “enhance the SAR’s economic resilience.” GMC sees this move as an “evolution of the jurisdiction’s involvement in Bitcoin mining.” The region will focus on cryptocurrencies with large market capitalizations and deep liquidity, ensuring they can be easily traded. Additionally, GMC prefers assets issued on “more mature, secure blockchains that support monitoring of on-chain transactions.”

Strategic Location and Economic Growth

Located in Bhutan’s southern plains, GMC is strategically positioned to connect South Asia’s fast-growing economies. The move follows the recent enactment of the “Application of Laws Act 2024,” which sets up a legal framework for digital asset services in GMC. Officials hope this will “bolster the growth of the digital asset ecosystem” in a well-regulated environment.

In March, GMC plans to host a global meeting with government officials and industry leaders to discuss using digital assets in strategic reserves. This meeting aims to explore the potential benefits and challenges of incorporating cryptocurrencies into a region’s economic strategy.

Bhutan’s Crypto Journey

Bhutan now holds over $1 billion in Bitcoin as crypto prices skyrocketed in November 2024. The country’s crypto journey isn’t new, as it has been investing millions in digital assets for years. In May 2023, Bhutan allocated 5% of its gross domestic product into Bitcoin mining and teamed up with miners to grow its stake.

“The adoption of digital assets in strategic reserves is a significant step forward for Bhutan’s economic development.”

As the use of digital assets continues to grow, GMC’s decision may serve as a model for other regions looking to incorporate cryptocurrencies into their economic strategies.

Stay updated on the latest cryptocurrency news and trends by following Global Crypto News.

Post Views: 1