Bhutan’s GMC will recognize Bitcoin, Ether and BNB in ​​the strategic reserve

Bhutan’s newly established Special Administrative Region, Gelephu Mindfulness City (GMC), announced plans to recognize digital assets such as Bitcoin (BTC), Ether (ETH) and Binance Coin (BNB) as part of its strategic reserves. The latest move has made the region one of the first jurisdictions to officially have digital assets within its reserve portfolio.

The initiative is expected to boost GMC’s economy.

GMC embraces Bitcoin, Ether and BNB

GMC aims to incorporate digital assets characterized by significant market capitalization and liquidity to strengthen its strategic reserves. This would allow operating with minimal price volatility, according to the official press release.

The city will also prioritize assets built on mature and secure blockchain platforms that allow for comprehensive oversight of on-chain transactions. Strategically located on the land bridge connecting the booming markets of South Asia, GMC serves a population of over two billion people.

GMC will also host a high-profile meeting in March 2025 that will feature leading government officials and industry experts from around the world. The focus of the event will be on discussions on the integration of digital assets into strategic reserves and the creation of an international advisory group on digital assets for GMC.

Following the development, Binance co-founder and former CEO Changpeng ‘CZ’ Zhao tweeted:

“It’s not just a bitcoin reserve, but a crypto reserve, including ETH and BNB. I think this is the first, and it certainly won’t be the last. This indicates that Bhutan is also open-minded and open to other cryptocurrencies. Hint. This is a smart move by the country to attract crypto companies. By the way, the Kingdom of Bhutan has been known for mining Bitcoins for years defect, it already has a reserve of Bitcoin.”

CZ also added that the announcement opens the door for BNB and other crypto assets to be included in other countries’ strategic reserves.

Bhutan’s journey to Bitcoin

The Royal Government of Bhutan, through its trading entity Druk Holding and Investments (DHI), has amassed a remarkable portfolio of digital assets.

Arkham Intelligence data reveals that Bhutan holds 11,688 BTC, which is equivalent to $1.12 billion, and 656 ETH, worth about $2.2 billion, along with smaller amounts on chains such as Polygon, BNB Chain, and base Instead of acquiring Bitcoin through seized assets like some countries, Bhutan has relied on sustainable mining powered by hydropower.

Mining activities began in April 2019, when Bitcoin was trading around $5,000. By 2023, these reserves accounted for 26.9% of Bhutan’s GDP, according to World Bank estimates.

The Royal Government of Bhutan made a series of Bitcoin transfers last year.

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