Bhutan’s Gelephu Mindfulness City (GMC) Embraces Bitcoin, Ethereum, and BNB in Strategic Reserves
Bhutan’s Gelephu Mindfulness City (GMC) has made a groundbreaking decision to include Bitcoin, Ethereum, and BNB in its strategic reserve assets, as announced in a statement on Jan. 8.
This move solidifies GMC’s position as one of the pioneering Special Administrative Regions (SARs) to integrate digital assets into its reserves, marking a significant milestone in the cryptocurrency space.
GMC’s selection criteria for digital assets prioritize those with high market capitalizations and deep liquidity to ensure smooth trading with minimal price disruptions. The city also aims to focus on assets issued on secure blockchains that enable transparent on-chain transaction monitoring.
By incorporating Bitcoin, Ethereum, and BNB into its strategic reserves, GMC aims to enhance its economic resilience and further strengthen its participation in Bitcoin mining activities.
Richard Teng, CEO of Binance, commended Bhutan for its progressive approach to crypto innovation, stating, “Congratulations to Bhutan for leading the way in crypto innovation! This forward-thinking approach to blockchain adoption sets a powerful example for the world.”
The Vision of GMC
GMC, envisioned by the King of Bhutan, Jigme Khesar Namgyel Wangchuck, aspires to be a model of sustainable urban living that blends Bhutanese traditions with modern mindfulness and technological advancements. The city will be powered entirely by renewable energy sources, predominantly leveraging Bhutan’s abundant hydroelectric resources.
Situated on a strategic land bridge between the thriving economies of South Asia, GMC is strategically positioned to cater to over two billion people in the region. The project, scheduled to be completed in 21 years, will initially accommodate approximately 150,000 residents.
GMC aims to establish itself as a central hub for digital innovation and blockchain technology. The city has already taken steps in this direction by enacting new digital asset laws in December to provide a legal framework for businesses operating in the digital asset space and foster an environment conducive to innovation.
In March, GMC will convene a meeting with senior officials and industry leaders in Bhutan to discuss the integration of digital assets into strategic reserves and the formation of an international advisory panel on digital assets.
Bhutan’s Forward-Thinking Bitcoin Strategy
Besides the initiatives undertaken by GMC, Bhutan is leading by example among developing nations by leveraging Bitcoin mining to bolster its economy.
Arkham Intelligence’s on-chain data reveals that Druk Holding and Investments, Bhutan’s sovereign investment arm, holds Bitcoin worth $1.12 billion, positioning Bhutan as the fifth-largest holder of Bitcoin globally, trailing behind the United States, China, the United Kingdom, and Ukraine.
The government of Bhutan harnesses major mining pools like AntPool, Braiins, and Foundry, leveraging its affordable and clean hydropower resources to support its mining activities.