Bhutan’s Gelephu Mindfulness City (GMC) has unveiled plans to include Bitcoin, Ethereum, and BNB in its strategic reserve assets, according to a Jan. 8 statement.
This is an important milestone for GMC, which becomes the first Special Administrative Region (SAR) in the world to integrate digital assets within its reserves.
GMC has stated its preference for digital assets that have high capitalizations on the market and deep liquidity. The criteria allow for seamless trades with minimum price fluctuations. In addition, the city will focus on assets issued via secure blockchains which allow for transparent monitoring of on-chain transactions.
The initiative aims to strengthen the city’s economic resilience and build on its involvement in Bitcoin mining.
Binance CEO Richard Teng:
“Congratulations to Bhutan for leading the way in crypto innovation! This forward-thinking approach to blockchain adoption sets a powerful example for the world.”
GMC?
Jigme Namgyel, the King of Bhutan, saw GMC as an urban model that combined Bhutanese tradition with mindfulness, modern technology, and advancement in science. GMC will be powered entirely by renewable energy, primarily leveraging Bhutan’s abundant hydroelectric resources
The city is situated on a strategic land bridge between South Asia’s booming economies and is well-positioned to serve over two billion people in the region. It is estimated that the project will be finished in 21 years. The first phase of construction should accommodate about 150.000 people.
The city’s website states that it aims to be a hub of digital innovation and Blockchain technology. The city has already begun its efforts, as evidenced by new laws on digital property that were passed in December.
The regulations create an environment that is structured for the innovation of businesses dealing with digital assets.
GMC hosts a meeting in Bhutan with high-ranking officials and representatives of industry. Discussions will include integrating digital asset into strategic reserve and forming an advisory panel for digital assets.
Bhutan’s broader Bitcoin strategy
Beyond GMC’s efforts, Bhutan is setting an example for developing nations by leveraging Bitcoin mining to boost its economy.
On-chain data from Arkham Intelligence reveals that Druk Holding and Investments, Bhutan’s sovereign investment arm, holds $1.12 billion worth of Bitcoin.
Bhutan is now the fifth-largest Bitcoin holding country in the world, after the United States of America, China, United Kingdom and Ukraine.
Hydropower, which is both affordable and environmentally friendly, supports the government’s use of major mining pools such as AntPool and Braiins.
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