- Bhutan’s GMC region plans to establish a cryptocurrency reserve, including Bitcoin and Ethereum.
- GMC aims to recognise cryptocurrencies with large market caps, high liquidity, and issued on secure blockchains.
Bhutan’s Gelephu Special Administrative Region (SAR), known as Gelephu Mindfulness City (GMC), is looking to establish a strategic cryptocurrency reserve comprising assets like Bitcoin (BTC) and Ethereum (ETH). This comes as part of the region’s plans to reinforce its economic resilience, and even leverage potential opportunities from its ongoing Bitcoin mining activities.
The announcement outlined GMC’s intention to recognise a broader set of cryptocurrencies, not just Bitcoin, as long as they have large market caps and high liquidity to ensure ease of trading with minimal price impact. This differs from the current perspective other jurisdictions have with BTC.
The SAR also said it was important to choose only cryptocurrencies issued on “mature and secure blockchains”.
Related: Illuvium Game Franchise Adopts Virtuals Protocol to Enhance NPCs, Following Surge in AI Popularity
Plans to Become Economic Corridor of The Region
GMC will host a high-level meeting in March, bringing together senior government officials and industry leaders worldwide to discuss policies and strategies for recognising and managing digital assets as part of national reserves.
Related: Bitcoin Investor Sentenced for Tax Fraud Ordered to Disclose Passcodes for $124 Million in Digital Assets
GMC’s strategic reserve plan is part of the region’s plans to become an economic corridor linking South Asia to Southeast Asia. It’s a project backed by a US$100M (AU$160M) bond issued in November 2024, expected to span 21 years for completion, with phased development over time.
Envisioned as a hub of economic innovation and sustainability, GMC operates with executive autonomy and legal independence under the guidance of King Jigme Khesar Namgyel Wangchuck.
Bhutan’s royal government, through Druk Holding and Investments (DHI), once held 13,011 BTC (over AU$1.4B) and 656 ETH (AU$3.5M), as reported by CNA. Bhutan’s Bitcoin reserves largely stem from local mining operations and collaborations with major firms like Bitdeer.
Credit: Source link
