Breaking: Bhutan To Hold Bitcoin, ETH, BNB, & Other Crypto In Strategic Reserves

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On a Wednesday announcement, Bhutan’s Gelephu Mindfulness City (GMC) disclosed its intention to expand its cryptocurrency acceptance strategy. The newly established administrative area of Bhutan plans to incorporate Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and other digital currencies into the city’s strategic reserves.

Bhutan Includes Bitcoin, Ethereum, and BNB in Strategic Reserves

As an analyst, I’ve recently come across an interesting development concerning Gelephu Mindfulness City (GMC) in Bhutan. In a formal announcement dated January 8th, they unveiled their plans to secure strategic reserves of popular digital assets such as Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), along with other cryptocurrencies.

Situated at the intersection of the burgeoning economies of South Asia, GMC finds itself in a strategic location to cater to over two billion individuals in this region. A significant aspect of its economic strategy involves fostering and endorsing the adoption of blockchain technology, aligning with the SAR’s commitment to technological innovation and the exploration of cutting-edge technologies.

According to the information provided, Bhutan’s newly established Special Administration Region plans to include digital currencies like Bitcoin (BTC), Ether (ETH) and BNB within its strategic reserves. This move makes GMC one of the pioneering jurisdictions to hold such digital assets as part of their strategic reserves.

Gelephu Mindfulness City (GMC) plans to acquire digital assets having substantial market value and high trading volume. Furthermore, GMC intends to analyze other digital assets that originate from reliable and secure blockchain networks, focusing on their ability to monitor transactions directly on the blockchain.

As a forward-thinking crypto investor, I’m thrilled to learn about Bhutan’s innovative approach towards digital assets. Specifically, the Gelephu Mindfulness City is taking a significant step by incorporating Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and other digital currencies into their strategic reserves. This move signifies a commitment to embracing the future of finance, demonstrating a progressive mindset that I truly admire.

— gmcbhutan (@gmcbhutan) January 8, 2025

Bhutan’s Focus on Bitcoin Mining

 

The significant announcement involves strengthening Bhutan’s economic robustness and increasing participation in Bitcoin mining, by permitting the Special Administration Region to trade cryptocurrencies, buying and selling them with only minor effects on their market value from their reserve funds.

Significantly, the Bhutanese government has recently unloaded Bitcoin valued at millions due to Bitcoin’s price reaching over $100,000. According to Arkham Intelligence, the government retains approximately 1.11 billion dollars in Bitcoin.

Crypto Community Reactions

1) In response to Bhutan’s plans to deepen its involvement in cryptocurrency, it was noted that the nation is also working on setting up a legal and regulatory structure for businesses aiming to provide financial services related to digital assets.

Furthermore, GMC intends to hold a top-tier summit involving global heads to debate crypto integration within their respective strategic reserves. Additionally, it aims to establish an international consultative committee focusing on digital assets for GMC.

As an analyst, I can share that in response to the crypto adoption plan, Binance co-founders Changpeng “CZ” Zhao and Yi He have expressed their views. Meanwhile, BNB Chain has declared this as a significant step forward, labeling it as a “major milestone for blockchain adoption.

Today, we are all Bhutanese.

— Yi He (@heyibinance) January 8, 2025

After the news broke, the prices of Bitcoin, Ethereum, and Binance Coin displayed a positive surge, representing a minor rebound following the significant cryptocurrency market sell-offs that occurred previously.

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2025-01-08 12:06