Bhutan pledges 10K Bitcoin to develop its ‘mindfulness city’
The Kingdom of Bhutan has pledged 10,000 Bitcoin from its national reserves to fund the development of the Gelephu Mindfulness City (GMC), a new special administrative region and economic hub. Launched in 2024, GMC aims to create high-value jobs and curb youth emigration by attracting businesses in sectors like finance, crypto, fintech, tourism, and green energy. The city, which spans about 10% of Bhutan’s land area, will offer regulatory flexibility for crypto firms and support the country’s Bitcoin mining operations.
The government plans to use the $875 million in Bitcoin through risk-managed strategies, treasury plans, and long-term holdings to preserve its value while ensuring sustainable development. Bhutan currently holds the fifth-largest national Bitcoin stash, estimated at 11,286 BTC worth over $986 million, mostly from its mining activities.
This initiative is part of Bhutan’s broader Bitcoin Development Pledge, aiming to drive long-term economic growth and shared prosperity for its population. The project includes a new land policy to protect landowners and ensure equitable benefits. GMC will feature crypto-based payments, a gold-backed digital currency, and serve as an economic corridor between South and Southeast Asia, with development phased over 20 years.
cointelegraph12/17 06:01
