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.
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.
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.
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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