Chiara Bianchi
In a groundbreaking move, Bhutan’s Gelephu Mindfulness City (GMC) announced on January 8 its decision to include Bitcoin, Ethereum, and BNB in its strategic asset reserves. This move positions GMC as one of the pioneering Special Administrative Regions (SARs) to integrate digital currencies into its financial reserves.
GMC has outlined its preference for high-market-cap digital assets with substantial liquidity, ensuring smooth trading with minimal price volatility. The city’s focus is on selecting assets built on secure blockchains that enable transparent transaction tracking, ensuring both security and accountability in its digital asset management.
The initiative aims to strengthen the city’s economic stability, complementing its ongoing Bitcoin mining endeavors, which play a crucial role in supporting the region’s economic growth.
A Vision for Innovation and Sustainability
Bhutan’s King, Jigme Khesar Namgyel Wangchuck, envisioned GMC as a model city where sustainable living, traditional Bhutanese values, and cutting-edge technological advancements converge. Powered entirely by renewable energy, GMC leverages Bhutan’s rich hydroelectric resources to meet its energy needs.
Located strategically at the crossroads of South Asia’s rapidly growing economies, GMC is poised to serve over two billion people in the region. The city’s development is expected to span 21 years, with the first phase set to accommodate around 150,000 residents.
Digital Innovation and Blockchain Technology
GMC has set its sights on becoming a hub for digital innovation and blockchain technology. This ambition is reflected in the city’s recent implementation of new laws governing digital assets, which aim to foster a regulated environment conducive to business innovation in the crypto space.
Additionally, GMC is set to host an important meeting in March with senior officials and industry leaders. The discussions will focus on the integration of digital assets into GMC’s strategic reserves, as well as the formation of an international advisory panel dedicated to digital asset policy.
Bhutan’s Broader Strategy for Bitcoin
Beyond GMC, Bhutan is making significant strides in the global cryptocurrency landscape, particularly in Bitcoin mining. According to Arkham Intelligence, Druk Holding and Investments, Bhutan’s sovereign investment entity, currently holds Bitcoin assets worth $1.12 billion, placing the country fifth globally in terms of Bitcoin holdings.
By partnering with major mining pools such as AntPool, Braiins, and Foundry, Bhutan is leveraging its low-cost, clean hydropower to fuel its mining operations, demonstrating how developing nations can use blockchain technology to boost their economies.
This pioneering approach by Bhutan serves as a model for other countries seeking to explore the potential of digital assets to bolster their financial systems and economic resilience.
