The Kingdom of Bhutan has just announced its new Special Administrative Region (SAR), the Gelephu Mindfulness City (GMC), seeks to recognize three major cryptocurrencies as part of its strategic reserves.
The announcement, which came on Wednesday, said Bhutan will make GMC one of the first jurisdictions worldwide “to officially hold digital assets as part of its strategic reserves.”
Inside Gelephu Mindfulness City
Bhutan’s GMC was a vision by King Jigme, a SAR that would embody sustainable development, display the kingdom’s rich cultural heritage, remain committed to strong governance, and become a symbol of mindful urban growth that embraces a new digital economy.
With its strategic location at the crossroads of China, Southeast Asia, and the greater South Asia, Bhutan expects GMC to become a regional hub for connectivity and economic ties.
With its latest announcement, it is expected that Bhutan’s work in embracing blockchain and crypto will get even more recognition around the world.
GMC Seeks Leadership in Digital Asset Transactions
The SAR’s plan follows the recent enactment of GMC Law No. 1 of 2024, called the “Application of Laws Act 2024,” which established a legal and regulatory framework in the GMC for businesses that want to offer financial services with digital asset solutions.
This time, the city is taking it a step forward with including Bitcoin (BTC), Ethereum (ETH), and BNB in its strategic reserve allocations.
“The inclusion of digital assets in the GMC’s strategic reserves will enhance the SAR’s economic resilience, and is an evolution of the jurisdiction’s involvement in Bitcoin mining,” the GMC said in a statement.
The SAR went on to explain that it wants to recognize digital assets with “large market capitalizations and deep liquidity” to make sure the digital coins can be easily bought or sold with minimal impact on the assets’ market price.
It also hinted on adding more crypto assets in its strategic reserve plans. In particular, the GMC wants to adopt digital assets issued “on more mature, secure blockchains that support monitoring of on-chain transactions.”
While the city didn’t specify which cryptocurrencies it has in mind besides Bitcoin, Ethereum, and BNB, at least based on its requirements of a mature and secure blockchain, the likes of XRP, Cardano (ADA), TRON (TRX), SUI, Chainlink (LINK), and Hedera (HBAR) may pass.
Bhutan’s Legacy in Crypto
Late in 2024, Bhutan’s Bitcoin treasury grabbed the headlines when its BTC stash topped $1 billion, up from around $700 million some two months earlier.
The kingdom is said to have constructed four Bitcoin mines over the years, but it has also been engaging with BTC mining pools to stash up on its Bitcoin reserves.
As of late Thursday, the sovereign state’s digital wallet as tracked by Arkham Intelligence, holds over 11,600 Bitcoins worth some $1.1 billion.
Now that its GMC is moving toward recognizing other digital assets beyond Bitcoin, it can be safe to say that Bhutan is fast-becoming what a real crypto country should be.
The post From Bitcoin Country To Crypto Kingdom: Bhutan GMC Seeks $BTC, $ETH, $BNB Strategic Reserves appeared first on International Business Times.
