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Bhutan's newest region is adding bitcoin, ethereum, and Binance Coin to its reserves as part of its new economic strategy.
Bhutan's new special administrative region, Gelephu Mindfulness City, plans to add bitcoin (btc), ethereum (eth), and Binance (BNB) to its strategic reserves, making it one of the first regions to officially include digital assets in its financial strategy.
in a Press release On January 8, GMC said the decision to include cryptocurrencies aims to “enhance the SAR's economic resilience,” adding that the move is an “evolution of the jurisdiction's involvement in bitcoin mining.”
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The region will focus on cryptocurrencies with “large market capitalizations and high liquidity,” ensuring they can be easily traded. GMC also wants these assets to be issued on “more mature and secure blockchains that support tracking of on-chain transactions.”
Located in the southern plains of Bhutan, GMC is located in a key location connecting the fast-growing economies of South Asia. The move follows the recent enactment of the “Law Enforcement Act of 2024,” which establishes a legal framework for digital asset services in GMC.
Officials hope this will “drive 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 the use of digital assets in strategic reserves, the press release reads.
Bhutan now holds over $1 billion worth of bitcoin as cryptocurrency prices skyrocketed in November 2024. The country's crypto journey is not new as it has been investing millions in digital assets for years. In May 2023, Bhutan even allocated 5% of its gross domestic product to bitcoin mining and partnered with miners to increase their participation.
