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Bhutan’s Gelephu Mindfulness City Experiments with Bitcoin, Ether, and BNB in Reserves
In a groundbreaking move, Bhutan’s newly established Special Administration Region – Gelephu Mindfulness City (GMC) – has announced its intention to recognize digital assets such as Bitcoin (BTC), Ether (ETH), and Binance Coin (BNB) as part of its strategic reserves. This bold initiative makes the region one of the first jurisdictions to officially hold digital assets within its reserve portfolio.
According to official statements, GMC aims to incorporate digital assets characterized by significant market capitalization and liquidity to strengthen its strategic reserves, thereby enabling trading with minimal price volatility. The city will also prioritize assets built on mature and secure blockchain platforms that enable thorough on-chain transaction oversight.
GMC is strategically located at the land bridge connecting South Asia’s booming markets, serving a population of over two billion people. Furthermore, GMC plans to organize a high-profile gathering in March 2025 featuring top government officials and industry experts from around the world. The focus of this event will be on integrating digital assets into strategic reserves and creating an international advisory panel on digital assets for GMC.
The development has sparked excitement among cryptocurrency enthusiasts, with Binance co-founder and former CEO Changpeng ‘CZ’ Zhao tweeting, “It’s not just a bitcoin reserve but a crypto one, including ETH and BNB. I believe this is a first, and it won’t be the last. This signals that Bhutan is open-minded and open to other cryptocurrencies too. Hint, hint. This is a smart move by the country to attract crypto companies, investments, and innovation.”
CZ also emphasized that the announcement opens doors for BNB and other crypto assets to be included in other countries’ strategic reserves.
It’s worth noting that Bhutan has already made significant strides in the cryptocurrency space, with Arkham Intelligence data revealing that Bhutan holds a substantial portfolio of digital assets. According to these reports, Bhutan possesses an impressive 11,688 BTC, equivalent to $1.12 billion, and 656 ETH, valued at approximately $2.2 million. Additionally, smaller amounts are held on chains such as Polygon, BNB Chain, and Base.
In contrast to countries that have acquired Bitcoin through seized assets, Bhutan has instead relied on sustainable mining powered by hydroelectricity. This environmentally conscious approach has led to a staggering 26.9% of Bhutan’s GDP being comprised of these digital reserves by 2023, as estimated by the World Bank.
The Royal Government of Bhutan made several significant Bitcoin transfers last year.
Bhutan’s bold experiment with cryptocurrencies may have far-reaching implications for the global financial landscape.
Source: cryptopotato.com
