Bhutan's Gelephu Mindfulness City Announces Bitcoin, Ethereum and BNB Strategic Reserve

A special administrative region in Bhutan announced on Wednesday that it will hold Bitcoin (BTC), Ethereum (ETH), and BNB Coin (BNB) as part of its strategic reserve.

A special administrative region in Bhutan announced on Wednesday that it will hold Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and BNB Coin (CRYPTO: BNB) as part of its strategic reserve.

Gelephu Mindfulness City, situated in the south-central part of the Himalayan nation, said in a statement that they opted for cryptocurrencies with large capitalizations to ensure ease of trading and avoid liquidity risks.

Bitcoin, Ethereum, and BNB were placed first, second, and fifth among the most valuable cryptocurrencies, respectively.

The endeavor is meant to strengthen the region’s economic resilience and expand its existing capabilities in the Bitcoin mining sector.

Reacting to the development, Binance founder Changpeng Zhao said that this was the first time a multi-asset cryptocurrency reserve had been set up in any jurisdiction.

“This signals that Bhutan is open-minded and open to other cryptocurrencies,” Zhao noted.

El Salvador has a strategic Bitcoin treasury reserve in place, having become the first to enact such a fiscal policy measure.

A dream project of King Jigme Khesar Namgyel Wangchuck, the Gelephu Mindfulness City is a planned economic hub with separate rules and laws, providing enterprises with legal freedom and executive autonomy.

Bhutan has attracted eyeballs for its rapidly growing Bitcoin holdings, with on-chain data indicating a stash of 11.688K BTC, valued at over $1 billion.

This makes it the fifth-largest government holder of the apex digital currency after the U.S., China, the UK, Ukraine, and surprisingly, even higher than El Salvador, according to bitcointreasuries.net.

Interestingly, Bhutan's Bitcoin reserves are not derived from law enforcement seizures but rather from indigenous mining capabilities backed by its substantial hydropower resources.

At the time of writing, Bitcoin was trading down 3.30% at $93,165.38 in the past 24 hours, according to Benzinga Pro.

What Else? A few more points about Bhutan GMC making a crypto Strategic Reserve.

1. It's not just a bitcoin reserve but a crypto one, including ETH and BNB. I believe this is a first, and it sure won't be the last.

2. This signals that Bhutan is open-minded and open to other cryptocurrencies,

3. A good move by CZ to highlight this and show appreciation for Bhutan's crypto progressive stance. https://t.co/Wvw7ejVTh8

See More: Best Cryptocurrency Scanners