Bhutan’s Gelephu Mindfulness City Special Administration Region to Include BTC, ETH, BNB in Strategic Reserves
Bhutan’s Gelephu Mindfulness City (GMC) Special Administration Region has announced plans to include Bitcoin (BTC), Ether (ETH), and BNB in its strategic reserves.
According to an announcement on Monday, the Bhutanese government will consult on the crypto strategic reserve plan with senior Bhutan government officials and global leaders in March.
Gelephu Mindfulness City is located in the Sarpang District of Bhutan and was established in 2022. The region is focused on promoting mindfulness, meditation, and well-being.
Bhutan’s government has been involved in crypto mining and hodling for several years. In 2019, the country began mining Bitcoin and other cryptocurrencies, amassing a stash of over 11,688 BTC, currently valued at around $1.11 billion.
The country’s crypto mining efforts are largely driven by its abundant hydroelectric power, which provides a cheap and renewable energy source for mining operations.
Bhutan’s government has also used its crypto earnings to invest in other assets, such as stocks and bonds. In 2021, the country’s state investment arm, Druk Holding & Investments (DHI), disclosed that it had earned over $100 million from crypto mining and hodling.
The inclusion of major cryptocurrencies in Bhutan’s strategic reserves could further boost the country’s economic resilience and expand on its existing involvement in the crypto space.
