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

Bhutan’s Gelephu Mindfulness City (GMC) decides to hold Bitcoin (BTC), Ethereum (ETH), Binance's BNB as part of strategic reserves.
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Breaking: Bhutan To Hold Bitcoin, ETH, BNB, & Other Crypto In Strategic Reserves

Highlights

  • Bhutan’s Gelephu Mindfulness City (GMC) to include Bitcoin, Ethereum, and BNB in strategic reserves.
  • Gelephu Mindfulness City (GMC) may also buy other crypto with large market capitalization and deep liquidity.
  • Binance co-founders Changpeng "CZ" Zhao and Yi He reacted to the Bhutan's crypto adoption plan.

Bhutan’s Gelephu Mindfulness City (GMC) on Wednesday announced its decision to broaden its crypto adoption plan. Bhutan’s new special administration region will hold Bitcoin (BTC), Ethereum (ETH), Binance’s BNB, and other digital assets in the city’s strategic reserves.

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Bhutan Includes Bitcoin, Ethereum, and BNB in Strategic Reserves

Bhutan’s Gelephu Mindfulness City has revealed a plan to hold BTC, ETH, BNB and other digital assets in strategic reserves, according to a GMC official announcement on January 8.

“Located on the land bridge connecting the rapidly-growing economies of South Asia, GMC is uniquely positioned to serve the more than two billion people in the region, and one of its key economic focuses is on promoting and supporting the use of blockchain technology, in line with the SAR’s emphasis on innovation and pioneering of new technologies.”

As per the details, Bhutan’s new Special Administration Region intends to recognize digital assets such as Bitcoin (BTC), Ether (ETH) and BNB as part of its strategic reserves. It makes GMC one of the first jurisdictions to hold digital assets in strategic reserves.

Gelephu Mindfulness City (GMC) will buy digital assets with large market capitalizations and deep liquidity only. In addition, GMC will study other digital assets that are issued on stable and secure blockchains, supporting on-chain transaction monitoring.

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Bhutan’s Focus on Bitcoin Mining

 

The decision comes as major news to enhance Bhutan’s economic resilience and boost involvement in Bitcoin mining. The Special Administration Region confirmed to purchase and sell crypto in reserves with minimal price impact.

Notably, the government of Bhutan had sold Bitcoin worth millions in the last two months as Bitcoin price surpassed $100K. As per Arkham Intelligence, the government still holds $1.11 billion in BTC.

Source: Arkham Intelligence

Crypto Community Reactions

The crypto community reacted to Bhutan’s intention to further dive into crypto. Besides, the country is establishing the legal and regulatory framework for companies seeking to offer financial services involving digital assets.

Moreover, GMC plans a high-level meeting with leaders from across the world to discuss crypto adoption as part of strategic reserves. Also, the plan is to set up an international advisory panel on digital assets for GMC.

Binance co-founders Changpeng “CZ” Zhao and Yi He reacted to the crypto adoption plan, while BNB Chain claims it is a “major milestone for blockchain adoption.”

Bitcoin, ETH, and BNB prices saw an upside momentum after the news, a slight recovery from the massive crypto market liquidations recently.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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