In a recent announcement, the newly formed Special Administration Region – Gelephu Mindfulness City (GMC) in Bhutan, unveiled plans to acknowledge cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and Binance Coin (BNB) as components of its strategic reserves. This move positions the region as one of the pioneering jurisdictions globally to officially incorporate digital assets within its reserve holdings.
The initiative is expected to boost GMC’s economy.
GMC Embraces Bitcoin, Ether, and BNB
As a researcher, I am focused on enhancing our Strategic Reserves at GMC. To do this effectively, I aim to integrate digital assets that boast substantial market capitalization and liquidity. By doing so, we can minimize price fluctuations during trading, as suggested in our official press release.
The city will give preference to resources established on robust and reliable blockchain systems that ensure comprehensive monitoring of transactions directly on the chain. Positioned on the link between South Asia’s bustling markets, GMC caters to more than two billion individuals.
In March 2025, the Global Monetary Council (GMC) plans to host a prestigious assembly. This meeting will bring together prominent government leaders and digital asset industry experts from across the globe. The main topics of discussion at this event will revolve around the integration of digital assets into strategic reserves and the establishment of an international advisory board specializing in digital assets, specifically for the GMC.
Following the development, Binance co-founder and former CEO, Changpeng ‘CZ’ Zhao tweeted,
Instead of just having a Bitcoin reserve, they’ve established a comprehensive Cryptocurrency Reserve, encompassing not only Bitcoin but also Ethereum and Binance Coin. I think this could be a pioneering step, and I suspect we’ll see more of such moves in the future. This demonstrates Bhutan’s forward-thinking attitude towards various cryptocurrencies. Subtle hint: Other crypto companies, investors, and innovative ideas might find Bhutan an appealing destination. Interestingly, Bhutan has been recognized for mining Bitcoins using clean excess hydroelectric power for quite some time now. As a result, it’s already built up a Bitcoin reserve by default.
Additionally, CZ noted that this announcement paves the way for Binance Coin (BNB) and other cryptocurrencies to potentially be incorporated into the strategic reserves of various nations.
Bhutan’s Journey into Bitcoin
The royal administration in Bhutan, operating under the business arm Druk Holding and Investments (DHI), has accumulated a significant collection of digital assets.
The data from Arkham Intelligence shows that Bhutan possesses approximately 11,688 Bitcoins valued at around $1.12 billion, as well as 656 Ethereum worth roughly $2.2 million. Additionally, they have small amounts of cryptocurrencies on platforms like Polygon, BNB Chain, and Base. Instead of obtaining Bitcoin through confiscated assets, as some countries do, Bhutan has primarily used sustainable mining fueled by hydroelectricity to accumulate its crypto holdings.
Back in April 2019, I embarked on my crypto mining journey when the value of Bitcoin hovered around $5,000. Fast forward to 2023, these digital reserves have grown significantly and now represent approximately 26.9% of Bhutan’s GDP, as per World Bank estimations, reflecting a substantial contribution to the nation’s economy from this burgeoning sector.
The Royal Government of Bhutan made a series of Bitcoin transfers last year.
Read More
- SUI PREDICTION. SUI cryptocurrency
- „People who loved Dishonored and Prey are going to feel very at home.” Arkane veteran sparks appetite for new, untitled RPG
- LDO PREDICTION. LDO cryptocurrency
- Destiny 2: A Closer Look at the Proposed In-Game Mailbox System
- Clash Royale Deck Discussion: Strategies and Sentiments from the Community
- Jennifer Love Hewitt Made a Christmas Movie to Help Process Her Grief
- ICP PREDICTION. ICP cryptocurrency
- Naughty Dog’s Intergalactic Was Inspired By Akira And Cowboy Bebop
- Critics Share Concerns Over Suicide Squad’s DLC Choices: Joker, Lawless, and Mrs. Freeze
- EUR IDR PREDICTION
2025-01-09 23:22