Gelephu, a special administrative region in Bhutan, known as Gelephu Mindfulness City, plans to include digital assets in its strategic reserves to enhance the region's economic resilience.
Goals and Plans of Gelephu
The city administration has announced its intention to include cryptocurrencies such as Bitcoin, Ether, and BNB in the city's strategic reserves. This decision aims to enhance the economic resilience of the region and explore new opportunities from Bitcoin mining involvement. Plans for the crypto reserve are expected to be discussed with senior Bhutan government officials and global industry leaders in March 2025.
Long-term Prospects of the Project
The Gelephu project recently announced a $100 million bond to start building the city in November 2024. The project is envisioned as an economic corridor linking South Asia to Southeast Asia, with executive autonomy and legal independence. The city is expected to be built in phases and is projected to be completed over a period of 21 years.
Bhutan's Crypto Holdings
At the time of the strategic reserve announcement, the government of Bhutan already holds Bitcoin and other crypto assets through Druk Holding and Investments (DHI). According to Arkham Intelligence, Bhutan holds 11,688 BTC (about $1.12 billion) and 656 ETH (about $2.2 million). DHI also holds small amounts on chains like Polygon, BNB Chain, and Base. Bhutan has been investing in Bitcoin since 2019 and actively collaborates with major crypto mining firms such as Bitdeer.
Including digital assets in Gelephu's strategic reserves could ensure long-term economic resilience and elevate participating countries on the global cryptocurrency market.
