Bhutan’s City to Add Bitcoin, Ethereum & Binance to Strategic Reserves

Bhutan’s newly established Gelephu Mindfulness City (GMC) has announced plans to include digital assets like Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) as part of its strategic reserves. This makes GMC one of the first Special Administrative Regions (SARs) to officially incorporate digital currencies into its economic framework.

Grabbing the ‘Digital’ Opportunity

Located in the heart of South Asia, Gelephu Mindfulness City is well-positioned to take advantage of the growing digital economy. The city’s decision to include digital assets, particularly those with large market caps and high liquidity, ensures they can be easily traded without causing significant price swings.

Bitcoin, Ethereum, and Binance Coin were selected because they are built on secure, well-established blockchains that allow for easy tracking of transactions, making them reliable choices for inclusion.

This move comes as part of the region’s ongoing involvement with blockchain technology, which includes initiatives like Bitcoin mining.

New Legal Framework for Digital Assets

This decision comes just after the introduction of GMC Law No. 1 of 2024, known as the ‘Application of Laws Act 2024’. The law sets a clear legal and regulatory framework for businesses dealing with digital assets in GMC. 

This law, along with the decision to add Bitcoin, Ethereum, and BNB to the city’s reserves, strengthens the digital ecosystem in GMC. The region aims to foster a balance between technological innovation and regulation, offering a secure environment for digital assets to grow.

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Bhutan’s Bitcoin Holding

Bhutan has been investing in cryptocurrency for a while, and its Bitcoin holdings have now surpassed $1 billion as the market rises. It ranks fifth in Bitcoin holdings, following the United States, China, the United Kingdom, and Ukraine.

In addition to buying Bitcoin, the country has formed partnerships with Bitcoin miners. In May 2023, Bhutan allocated 5% of its GDP to Bitcoin mining, signaling its growing commitment to the digital asset space.

What’s Next For GMC?

Looking ahead, GMC is planning an international summit in March 2025 in Bhutan. The 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 setting up an advisory panel to guide the city’s efforts in the digital asset space.