Bhutan’s innovative Gelephu Mindfulness City (GMC) is making headlines by incorporating Bitcoin, Ethereum, and Binance Coin into its strategic reserves. This remarkable step signifies GMC’s commitment to embracing digital currencies and marks it as one of the pioneering Special Administrative Regions to officially welcome these assets into its economic framework.
Located in the vibrant heart of South Asia, GMC is seizing the opportunity presented by the expanding digital economy. The inclusion of these digital assets is not just a financial decision; it reflects a strategic choice to invest in currencies known for their high market capitalizations and liquidity. This means that GMC can buy and sell these assets effortlessly without triggering drastic changes in their prices.
The selection of Bitcoin, Ethereum, and Binance Coin is backed by their solid, secure blockchain networks. This technology allows for hassle-free tracking of transactions, making these currencies reliable options for GMC’s reserves. The move is also a continuation of Bhutan’s engagement with blockchain technology, which has included initiatives like Bitcoin mining.
Recently, the introduction of GMC Law No. 1 of 2024, dubbed Application of Laws Act, laid down a robust legal framework for businesses involved with digital assets. This regulation goes hand in hand with the decision to add Bitcoin, Ethereum, and BNB to the city’s reserves, fortifying an environment where digital assets can flourish securely.
Bhutan isn’t a newcomer to the cryptocurrency scene. With Bitcoin holdings now exceeding $1 billion, the country proudly ranks fifth globally in Bitcoin ownership, right after the United States, China, the United Kingdom, and Ukraine. This upward trend is underpinned by partnerships with Bitcoin miners and the allocation of 5% of its GDP for Bitcoin mining as of May 2023. Clearly, Bhutan is serious about its commitment to the digital asset space.
Looking ahead, GMC is planning an international summit in March 2025. This event will bring together government officials and industry leaders from across the globe to discuss the role of digital assets in national reserves. One of the summit’s goals is to establish an advisory panel to shape GMC’s strategy in the digital asset sector.
Bhutan’s move to integrate digital currencies like Bitcoin, Ethereum, and Binance Coin into its financial strategies reflects a proactive and forward-thinking approach to the future of finance. With a growing reputation in the crypto world, GMC is undoubtedly positioning itself at the forefront of digital innovation while paving the way for a more inclusive economic landscape.
