Bhutan’s Gelephu Mindfulness City Integrates Bitcoin, Ethereum and Binance Coin into Financial Strategy

Gelephu Mindfulness City Adds Bitcoin, Ethereum, and Binance Coin to Strategic Reserves

Gelephu Mindfulness City (GMC), Bhutan’s newly established Special Administrative Region (SAR), has revealed plans to add Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) to its strategic reserves.

This initiative marks a significant step as GMC becomes one of the first regions to officially integrate cryptocurrencies into its financial framework.

A Strategic Move to Enhance Economic Resilience

The decision to include these major cryptocurrencies is part of GMC’s broader goal to strengthen its economic foundation.

In a statement released on 8 January 2025, GMC officials explained that the move aims to "enhance the SAR’s economic resilience."

By incorporating Bitcoin, Ethereum, and Binance Coin, GMC intends to tap into the potential of digital assets to bolster its financial stability, a crucial step as the region grows its involvement in blockchain and cryptocurrency technologies.

Officials highlighted that these assets were chosen based on their large market capitalisations and deep liquidity, ensuring that they can be traded seamlessly without major price fluctuations.

These factors are important for GMC, as they aim to build a robust financial environment.

Additionally, GMC wants the assets to be supported by secure blockchains that allow for transparent on-chain transaction monitoring.

New Legal Framework for Digital Asset Services

This initiative comes in the wake of the introduction of GMC Law No. 1 of 2024, or the ‘Application of Laws Act 2024’, which establishes a clear legal framework for businesses engaged in digital asset services within the city.

This framework is designed to create a well-regulated environment that encourages the growth of the digital asset ecosystem while ensuring security and compliance with legal standards.

The Act also paves the way for future development, with officials expressing their hope that it will foster a healthy balance between innovation and regulation, thus promoting the growth of the region’s digital economy.

Bitcoin Holdings Surge as Bhutan Expands Investment

Bhutan’s investment in Bitcoin is not a new venture.

The country has been steadily increasing its Bitcoin holdings for several years, and as of November 2024, it holds over $1 billion worth of Bitcoin, placing it among the top five Bitcoin holders globally.

Bhutan currently ranks in fifth place.

The country has been investing heavily in cryptocurrency and related technologies, and GMC’s decision to add digital assets to its reserves follows Bhutan’s broader strategy of capitalising on the digital asset space.

In May 2023, Bhutan allocated 5% of its Gross Domestic Product (GDP) to Bitcoin mining, further cementing its position as a significant player in the world of digital assets.

This initiative was part of Bhutan’s strategy to partner with Bitcoin miners to expand its stake in the cryptocurrency market.

GMC to Host Global Summit on Digital Assets

In a bid to further its commitment to digital assets, GMC plans to host an international summit in March 2025.

The event will bring together senior government officials and industry leaders from across the globe to discuss the role of digital assets in national reserves.

The summit will also focus on establishing an advisory panel to help guide GMC’s future initiatives in the digital asset space.

This gathering will serve as an opportunity for experts to share knowledge and explore new avenues for integrating digital assets into global financial systems.

The event is expected to attract attention from various stakeholders, as GMC continues to position itself as a leader in the regulation and development of digital asset markets.