Gelephu Mindfulness City (GMC) in Bhutan and the Decision to Introduce Bitcoin, Ethereum, and BNB as Strategic Reserves
Bitcoin as a Strategic Reserve, but Not Only That
Gelephu Mindfulness City (GMC), the "City of Mindfulness" in Bhutan, recently shared a groundbreaking announcement for the sector.
According to reports, the region revealed a plan to hold Bitcoin, Ethereum, and BNB coin as strategic reserves, making this Special Administrative Region (SAR) one of the first jurisdictions in the world to own crypto-assets as reserves.
The selection of BTC, ETH, and BNB stems from the necessity of using crypto-assets with large market capitalization and significant market depth. This ensures the ability to buy and sell substantial amounts with minimal impact on prices.
The announcement follows the enactment of the GMC Law No. 1 of 2024, declared on December 26, which includes the establishment of the legal framework for companies offering financial services involving crypto-assets.
Bhutan
Bhutan is no stranger to the sector—this move is a natural evolution of the process initiated in previous years.
The inclusion of strategic reserves is a subsequent step following Bhutan's involvement in Bitcoin mining. According to Arkham, Bhutanese government wallets hold over 11,000 Bitcoin, valued at more than $1.1 billion.
Additionally, these wallets, though holding smaller amounts, already contain nearly 700,000 ETH, valued at just over $2 million, indicating the government’s openness to storing alternative crypto-assets alongside Bitcoin.
What do you think? Let me know in the comments—by Gue22 🚀⚡