Gelephu Mindfulness City (GMC) in Bhutan has announced plans to incorporate digital assets such as Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) into its strategic reserves. This move positions GMC as one of the first special administrative regions (SAR) to formally integrate digital currencies into its economic framework.
Located in the center of South Asia, Gelephu Mindfulness City has unique advantages that allow it to leverage the evolving digital economy. Its decision to incorporate digital assets into reserves focuses on those with large market capitalizations and high liquidity. This ensures that these assets can be easily bought and sold without causing significant price fluctuations.
The choice of Bitcoin, Ethereum, and Binance Coin is due to their establishment on secure, well-structured blockchains that allow for easy tracking of transactions, making them reliable options.
This move is part of the region's ongoing engagement with blockchain technology, including initiatives such as Bitcoin mining.
New legal framework for digital assets
This decision was made after the introduction of GMC Legal No. 1 of 2024 (the “2024 Legal Application Act”). This law provides a clear legal and regulatory framework for businesses dealing with digital assets in GMC.
This law and the decision to add Bitcoin, Ethereum, and BNB to the city’s reserves enhance GMC’s digital ecosystem. The region aims to promote a balance between technological innovation and regulation, providing a secure environment for the growth of digital assets.
Bhutan's Bitcoin holdings
Bhutan has been investing in cryptocurrencies, and with the market rise, its Bitcoin holdings have now exceeded $1 billion. Its Bitcoin holdings rank fifth, behind the United States, China, the United Kingdom, and Ukraine.
In addition to purchasing Bitcoin, Bhutan has also established partnerships with Bitcoin miners. In May 2023, Bhutan allocated 5% of its GDP for Bitcoin mining, indicating its increasing investment in the field of digital assets.
What are GMC's next steps?
Looking ahead, GMC plans to host an international summit in Bhutan in March 2025. This event will gather senior government officials and industry leaders from around the world to discuss the role of digital assets in national reserves.
The summit will also focus on establishing a consultative group to guide the city’s work in the field of digital assets.#BNB纳入不丹GMC加密战略储备
$BTC
