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Bhutan’s newest district is adding Bitcoin, Ethereum and Binance Coin to its reserves as part of its new economic strategy.
Bhutan’s new special administrative region, Gelephu Mindfullness City, plans to add Bitcoin (Bitcoin), Ethereum (Ethereum), and Binance (BNB Bank) to its strategic reserves, making it one of the first regions to officially include digital assets in its financial strategy.
In a press release On January 8, GMC said the decision to list cryptocurrencies aims to “enhance the economic resilience of the autonomous administration region,” adding that the move is “an evolution of the jurisdiction’s involvement in Bitcoin mining.”
The zone will focus on cryptocurrencies with large market capitalization and high liquidity, ensuring that they can be easily traded. GMC also wants these assets to be issued on “more mature and secure blockchains that support cross-chain transaction monitoring.”
Located in the southern plains of Bhutan, GMC is in a prime location linking the fast-growing economies of South Asia. The move follows the recent passing of the Enforcement Act 2024, which sets a legal framework for the GMC’s digital asset services.
Officials hope this will “foster the growth of the digital asset ecosystem” in a well-regulated environment. In March, GMC plans to host a global meeting with government officials and industry leaders to discuss the use of digital assets in strategic reserves, the press release said.
Bhutan now holds over $1 billion worth of Bitcoin as cryptocurrency prices rise in November 2024. The country’s cryptocurrency journey is not new as it has been investing millions in the digital asset for years. And in May 2023, even Bhutan It allocated 5% of GDP in Bitcoin mining and cooperated with miners to increase its stake.
