Bhutan’s Gelephu Mindfulness City (GMC) announced on Wednesday that it has decided to expand its crypto adoption strategy. The country’s new special administrative region plans to hold Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB) and other digital assets in its strategic reserves.
Bhutan’s Gelephu Mindfulness City aims to store Bitcoin (BTC), Ethereum (ETH), BNB and other cryptocurrencies in its strategic reserves, according to a statement by the GMC on January 8, 2025. The statement included the following statements:
“Located on the land bridge connecting the fast-growing economies of South Asia, GMC is uniquely positioned to serve the more than two billion people in this region. One of the region’s key economic goals is to support and promote blockchain technology, reflecting the region’s emphasis on innovative technologies and the use of blockchain.”
Bhutan’s new Special Administrative Region plans to hold large-cap, deep-liquid cryptocurrencies like Bitcoin (BTC), Ether (ETH), and Binance Coin (BNB) in strategic reserves. The move makes Gelephu Mindfulness City one of the first jurisdictions to hold digital assets in strategic reserves. The GMC also plans to look into other crypto assets that only operate on secure and stable blockchain infrastructures and offer on-chain tracking support.
The move is seen as a significant step in Bhutan’s efforts to boost its economic resilience and encourage participation in Bitcoin mining. The region has approved crypto trading in strategic reserves with minimal price impact. The Bhutanese government has sold millions of dollars worth of Bitcoin in the past two months, with Bitcoin prices exceeding $100,000. According to Arkham Intelligence, the government currently holds $1.11 billion in BTC reserves.
The crypto community is concerned with Bhutan’s decision to become more involved in the cryptocurrency market. Furthermore, the Bhutanese government is creating legal and regulatory frameworks for companies that want to offer financial services involving crypto assets.
Gelephu Mindfulness City is planning to hold a high-level meeting with crypto leaders from around the world to discuss a plan to include crypto assets in its strategic reserves. In addition, the establishment of an international advisory panel on crypto assets for the GMC is also on the agenda. Binance co-founders Changpeng “CZ” Zhao and Yi He have reacted positively to this crypto adoption plan. Binance’s BNB Chain stated that this is a “major milestone for blockchain adoption.”
Finally, Bitcoin, Ethereum, and Binance Coin (BNB) prices have gained momentum as the recovery from recent major market liquidations continues. These developments are being closely followed by investors and analysts who are eagerly waiting to see how Bhutan’s crypto strategy will impact the global crypto market.