Bhutan's Gelephu Mindfulness City Pioneers Adoption of BTC, ETH, and BNB and Other Digital Assets in City's Strategic Reserves

Bhutan's new special administrative region, Gelephu Mindfulness City, plans to add Bitcoin (BTC), Ethereum (ETH), and Binance's (BNB) to its strategic reserves

Bhutan’s Gelephu Mindfulness City (GMC) is making history by adding Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) to its strategic reserves. The move marks one of the first times a region has officially included digital assets in its financial strategy.

According to a press release on Jan. 8, GMC’s decision to include cryptocurrencies stems from its goal to “enhance the SAR’s economic resilience.” The city also highlighted its prior involvement in Bitcoin mining, which is further evolving with this initiative.

GMC will prioritize cryptocurrencies with high market capitalizations and liquidity to ensure they can be easily traded. Additionally, the city aims to focus on assets issued on more mature and secure blockchains that support monitoring of on-chain transactions.

Situated in Bhutan’s southern plains, GMC connects South Asia’s rapidly growing economies. The move follows the recent enactment of the “Application of Laws Act 2024,” which establishes a legal framework for digital asset services in GMC.

Officials anticipate that this will “bolster the growth of the digital asset ecosystem” within a well-regulated environment. In March, GMC plans to host a global meeting with government officials and industry leaders to discuss the use of digital assets in strategic reserves, the press release adds.

Bhutan now holds over $1 billion in Bitcoin as crypto prices skyrocketed in November 2024. The country’s crypto journey spans several years, with millions being invested in digital assets. In May 2023, Bhutan allocated 5% of its gross domestic product (GDP) to Bitcoin mining and partnered with miners to increase its stake in the asset.