Bhutan's Gelephu Mindfulness City (GMC) has revealed plans to include bitcoin, ethereum and BNB in its strategic reserve assets, according to a January 8 report. statement.
This decision marks an important milestone as GMC becomes one of the first Special Administrative Regions (SAR) to add digital assets to its reserves.
GMC emphasized its preference for digital assets with high market capitalization and deep liquidity. These criteria guarantee smooth negotiation with minimal price alterations. Additionally, the city plans to focus on assets issued on secure blockchains that support transparent tracking of on-chain transactions.
The initiative aims to strengthen the city's economic resilience and leverage its participation in bitcoin mining.
Richard Teng, CEO of Binance <a target="_blank" href="https://x.com/_RichardTeng/status/1876900866432639003″>saying:
“Congratulations to Bhutan for leading the way in crypto innovation! “This forward-thinking approach to blockchain adoption is a powerful example to the world.”
GMC?
The King of Bhutan, Jigme Khesar Namgyel Wangchuck, envisioned GMC as a model of sustainable urban living that combines Bhutanese traditions with modern principles of mindfulness and technological advancement. GMC will run entirely on renewable energy, primarily taking advantage of Bhutan's abundant hydroelectric resources.
The city is situated on a strategic land bridge between South Asia's booming economies and is well positioned to serve more than two billion people in the region. The project is expected to be completed in 21 years, with the first phase with capacity for about 150,000 people.
According to its website, the city aims to become a central hub for digital innovation and blockchain technology. It has initiated efforts in that regard, as evidenced by the enactment of new digital asset laws in December.
These regulations establish a legal framework for companies involved in digital assets and create a structured environment for innovation.
In March, GMC will host a meeting with senior officials and industry leaders in Bhutan. The agenda includes discussions on the integration of digital assets into strategic reserves and the formation of an international advisory panel on digital assets.
Bhutan's Broader bitcoin Strategy
Beyond GMC's efforts, Bhutan is setting an example for developing nations by leveraging bitcoin mining to boost its economy.
in chain data Arkham Intelligence reveals that Druk Holding and Investments, Bhutan's sovereign investment arm, owns $1.12 billion in bitcoin.
This places Bhutan in fifth place globally among countries that own bitcoin, after the United States, China, the United Kingdom, and Ukraine.
The government uses major mining pools such as AntPool, Braiins and Foundry, backed by their clean and affordable hydropower.
