Bhutan's GMC to Include Bitcoin

Bhutan’s newly established special administrative region, Gelephu Mindfulness City (GMC), has announced plans to include Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) in its strategic reserves.

This innovative move positions the region as one of the first in the world to integrate digital assets into its financial framework.

In a press release on January 8, GMC outlined its plan to adopt cryptocurrencies to enhance the region’s economic resilience. Officials stated that this move represents a natural progression of Bhutan’s longstanding engagement in Bitcoin mining, which began several years ago. The region focuses on cryptocurrencies with significant market capitalization and liquidity, ensuring ease of trading. Additionally, they will emphasize the importance of secure, mature blockchains to facilitate transparent on-chain monitoring.

GMC, located in the southern plains of Bhutan, is a key link between South Asian economies. The region’s legal framework for digital assets has been strengthened by the “Application of Laws Act 2024.” To promote the digital asset ecosystem, GMC will host a global summit in March for government officials and industry leaders to discuss cryptocurrencies as strategic reserves.

Bhutan has shown interest in cryptocurrency for some time. In May 2023, the country allocated 5% of its GDP to Bitcoin mining and partnered with miners to increase its investment. By November 2024, Bhutan’s Bitcoin holdings had soared to over $1 billion, driven by a significant rise in cryptocurrency prices.

Global interest in Bitcoin as a strategic reserve asset is increasing. In a recent digital assets outlook released on December 30, Franklin Templeton, a prominent Bitcoin exchange-traded fund (ETF) issuer, forecasted a rise in sovereign adoption of Bitcoin by 2025. The report highlighted Bitcoin’s growing role as a global digital value store driven by institutional and governmental interest. It observed a shift from speculative trading to practical applications within financial systems.

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