Bhutan’s Gelephu Mindfulness City Embraces Digital Assets, Adds Bitcoin, Ethereum, and Binance Coin to Strategic Reserves
A New Era for Digital Currencies in Bhutan
In a groundbreaking move, Gelephu Mindfulness City (GMC), a Special Administrative Region in Bhutan, has announced plans to incorporate digital assets, including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), into its strategic reserves. This forward-thinking initiative positions GMC as a pioneer in integrating digital currencies into its economic framework.
Strategic Selection of Digital Assets
GMC’s decision to include digital assets in its reserves is focused on those with large market capitalizations and high liquidity, ensuring ease of buying and selling without significant price fluctuations. Bitcoin, Ethereum, and Binance Coin were chosen due to their secure, well-established blockchains, which enable easy tracking of transactions, making them reliable choices for inclusion.
A Growing Commitment to Blockchain Technology
This move is part of GMC’s ongoing involvement with blockchain technology, which includes initiatives such as Bitcoin mining. The region aims to strike a balance between technological innovation and regulation, providing a secure environment for digital assets to thrive.
New Legal Framework for Digital Assets
The introduction of GMC Law No. 1 of 2024, also known as the ‘Application of Laws Act 2024’, sets a clear legal and regulatory framework for businesses dealing with digital assets in GMC. This law, combined with the decision to add Bitcoin, Ethereum, and BNB to the city’s reserves, strengthens the digital ecosystem in GMC.
Bhutan’s Growing Bitcoin Holdings
Bhutan has been investing in cryptocurrency for some time, and its Bitcoin holdings have now surpassed $1 billion as the market rises. The country ranks fifth in Bitcoin holdings, following the United States, China, the United Kingdom, and Ukraine. In addition to buying Bitcoin, Bhutan has formed partnerships with Bitcoin miners, allocating 5% of its GDP to Bitcoin mining in May 2023.
What’s Next for GMC?
Looking ahead, GMC is planning an international summit in March 2025, which will bring together senior government officials and industry leaders to discuss the role of digital assets in national reserves. The summit will also focus on establishing an advisory panel to guide the city’s efforts in the digital asset space.
Conclusion
In conclusion, Gelephu Mindfulness City’s decision to include digital assets in its strategic reserves marks a significant milestone in Bhutan’s growing commitment to the digital economy. With a clear legal framework in place and a focus on secure, well-established blockchains, GMC is poised to become a leader in the digital asset space. As the region continues to innovate and regulate, it will be exciting to see the impact of this move on the global digital economy.
Source: Coinpedia.org
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