Bhutan's Gelephu Mindfulness City (GMC) has announced its intention to include Bitcoin (BTC), Ethereum (ETH), and BNB in its strategic reserves, making GMC one of the first jurisdictions to officially hold digital assets in its strategic reserves.
This move follows the recent enactment of GMC Law No. 1 of 2024, called the "Application of Laws Act 2024," which established a legal and regulatory framework in the GMC for businesses that want to offer financial services with digital asset solutions.
The city's decision to include digital assets in its strategic reserves is aimed at enhancing the SAR's economic resilience, and is an evolution of the jurisdiction's involvement in Bitcoin mining.
The GMC will recognize digital assets with large market capitalizations and deep liquidity to ensure the digital coins can be easily bought or sold with minimal impact on the assets' market price.
It also hints at adding more crypto assets in its strategic reserve plans. In particular, the GMC wants to adopt digital assets issued on more mature, secure blockchains that support monitoring of on-chain transactions.
While the city didn't specify which cryptocurrencies it has in mind besides Bitcoin, Ethereum, and BNB, at least based on its requirements of a mature and secure blockchain, the likes of XRP, Cardano (ADA), TRON (TRX), SUI, Chainlink (LINK), and Hedera (HBAR) may pass.
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