Bhutan has made a large-scale investment in Bitcoin through its hydropower mining operations.
Editor: far@Centreless
Summary
Gelephu Mindfulness City in Bhutan plans to allocate digital assets such as BTC, ETH, and BNB to its strategic reserves.
Bhutan has made a large-scale investment in Bitcoin through its hydropower mining operations.
On January 8, 2025, the newly established special administrative region of Gelephu Mindfulness City (GMC) in the Kingdom of Bhutan announced plans to include digital assets such as Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) in its strategic reserves.
Once implemented, this plan will make the special administrative region one of the first jurisdictions to officially incorporate cryptocurrency as part of its strategic reserves. According to a statement released on Wednesday, this initiative aims to enhance the economic resilience of the special administrative region while expanding its existing Bitcoin mining activities. Bhutan has currently intensified its investment in this area by utilizing hydropower resources for Bitcoin mining.
Digital Assets Boost Economic Development
Gelephu Mindfulness City is an ambitious sustainable urban development and economic innovation project envisioned by King Jigme Khesar Namgyel Wangchuck, located in southern Bhutan. The city spans over 2,500 square kilometers, adjacent to the India-Bhutan border, and claims to have a unique advantage in serving over 2 billion people in the region, focusing on promoting and supporting blockchain technology.
Beyond BTC, ETH, and BNB, Gelephu Mindfulness City did not specifically mention other cryptocurrencies but stated that its goal is to recognize digital assets with large market capitalizations and deep liquidity to ensure these assets can be easily bought and sold with minimal price fluctuations. At the same time, the special administrative region indicated that it would focus on digital assets issued on more mature and secure blockchain technologies to support the monitoring of on-chain transactions.
The announcement of this strategic reserve plan follows the enactment of the Application of Laws Act 2024 on December 26, 2024. "This act establishes the legal and regulatory framework for companies within GMC to provide financial services related to digital assets. The enactment of this law, along with the inclusion of digital assets such as BTC, ETH, and BNB in the strategic reserves, aims to promote the growth of the GMC digital asset ecosystem, creating a technologically advanced and well-regulated environment," the GMC officials stated.
In March of this year, Gelephu Mindfulness City will host a high-level meeting inviting global government officials and industry leaders to discuss topics related to incorporating digital assets into strategic reserves.
The World's Fifth Largest Holder of Bitcoin
Bhutan is currently the fifth largest known holder of Bitcoin globally, with 12,211 Bitcoins (worth approximately $1.2 billion), trailing only the United States (208,109), China (190,000), the United Kingdom (61,245), and Ukraine (46,351). This data is sourced from Bitcoin Treasuries.
However, unlike many countries that acquire Bitcoin through criminal seizures, Bhutan has become a unique player in this field by engaging in environmentally friendly Bitcoin mining through its abundant national hydropower resources.
This plan from Gelephu Mindfulness City has also sparked speculation that other countries may have begun accumulating Bitcoin to take action before U.S. presidential candidate Donald Trump fulfills his campaign promise. Trump previously pledged to establish a national Bitcoin reserve program.
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