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crypto.news 2025-01-08 09:12:04

Bhutan’s new administration region to hold BTC, ETH, BNB as part of strategic reserve

Bhutan’s newest region is adding Bitcoin, Ethereum, and Binance Coin to its reserves as part of its new economic strategy. Bhutan’s new special administrative region, Gelephu Mindfulness City, plans to add Bitcoin ( BTC ), Ethereum ( ETH ), and Binance’s ( BNB ) to its strategic reserves, making it one of the first regions to officially include digital assets in its financial strategy. In a press release on Jan. 8, GMC said the decision to include cryptocurrencies aims to “enhance the SAR’s economic resilience,” adding further the move is an “evolution of the jurisdiction’s involvement in Bitcoin mining.” Bhutan’s Gelephu Mindfulness City Pioneers Adoption of BTC, ETH and BNB and Other Digital Assets in City’s Strategic Reserves. https://t.co/O0sjlhiTDL pic.twitter.com/CfKVSUlcS1 — gmcbhutan (@gmcbhutan) January 8, 2025 The region will focus on cryptocurrencies with “large market capitalizations and deep liquidity,” ensuring they can be easily traded. GMC also wants these assets to be issued on “more mature, secure blockchains that support monitoring of on-chain transactions.” You might also like: El Salvador and Bhutan: Betting on Bitcoin’s future | Opinion Located in Bhutan’s southern plains, GMC sits at a key spot connecting South Asia’s fast-growing economies. The move follows the recent enactment of the “Application of Laws Act 2024,” which sets up a legal framework for digital asset services in GMC. Officials hope this will “bolster the growth of the digital asset ecosystem” in a well-regulated environment. In March, GMC plans to host a global meeting with government officials and industry leaders to discuss using digital assets in strategic reserves, the press release reads. Bhutan now holds over $1 billion in Bitcoin as crypto prices skyrocketed in November 2024. The country’s crypto journey isn’t new as it’s been investing millions in digital assets for years. In May 2023, Bhutan even allocated 5% of its gross domestic product into Bitcoin mining and teamed up with miners to grow its stake. Read more: Bhutan’s path to economic self-reliance is Bitcoin mining | Opinion