Bhutan, a small Asian kingdom nestled in the Himalayas, is making waves in the world of cryptocurrency and blockchain technology. The country has been actively leveraging new technologies, particularly Bitcoin and the blockchain, to boost its economy. One of the latest developments in this area is the announcement by Gelephu Mindfulness City (GMC) to integrate digital assets like Bitcoin, BNB, and Ethereum into its strategic reserve.
GMC, located near Gelephu, is a newly established special administrative region that aims to serve as Bhutan’s economic hub and tourist attraction. King Jigme Khesar Namgyel Wangchuck described the city as a modern hub anchored on innovation, making the decision to include Bitcoin and other cryptocurrencies in its strategic reserve a natural progression.
This move by Bhutan is seen as a major milestone for blockchain adoption, showcasing the country’s forward-thinking approach to technology and finance. Bhutan has been an early adopter of Bitcoin and blockchain technology, with the country starting its Bitcoin mining operations back in April 2019 when the digital asset was trading at around $7,000.
Druk Holdings and Investments (DHI) and Green Digital Limited (GDL) are the country’s investment arms that have been instrumental in Bhutan’s foray into Bitcoin mining and adoption. Currently, Bhutan holds over 11,000 Bitcoins, according to Bitwise Europe, with plans to increase this number further with the addition of more BTC and cryptocurrencies to its strategic reserve.
Bhutan’s Bitcoin mining initiative is also gaining momentum, with the country developing its crypto mining facilities in collaboration with Bitdeer Technologies. The kingdom has launched a 100MW capacity facility in Gedu, which runs on environmentally friendly hydroelectric power. Plans are underway to start a second facility with a larger capacity of 500MW by the middle of the year.
The integration of Bitcoin and cryptocurrencies into government policies is becoming increasingly popular worldwide. Countries like the United States, China, and El Salvador are actively exploring ways to incorporate digital assets into their national agendas. Bhutan, with its independent Bitcoin facility that prioritizes environment-friendly technologies, stands out as a unique case in this global trend.
As Bhutan continues to embrace new technologies and strengthen its position in the cryptocurrency space, the country’s strategic reserve of Bitcoin and other digital assets is expected to play a significant role in driving its economic growth and development.