The Kingdom of Bhutan is betting on cryptocurrencies for economic growth by creating a special administrative region, Gelephu Mindfulness City, where it plans to include digital assets like Bitcoin and Ethereum in its strategic reserves.
Bhutan's Initiative
Bhutan is developing its cryptocurrency mining infrastructure in collaboration with Bitdeer Technologies Group. The project is divided into phases—the first phase, with a 100-megawatt capacity, is operational, and the second phase aims to increase capacity to 500 megawatts by mid-2025. The Kingdom aims to make the mining process sustainable by utilizing hydropower, which not only generates stable income but also creates local jobs.
What the Future Holds for Bhutan with Bitcoin
The 'Mindfulness City' project in Gelephu is a transformative development aimed at creating opportunities for the youth of Bhutan. King Jigme Khesar Namgyel Wangchuck emphasized the importance of balanced development that includes economic growth and preservation of nature and culture. Recently, Matrixport applied for a financial services license in this city, highlighting Bhutan's pursuit of a regulated environment for digital assets.
Bhutan demonstrates a successful example of using technology for sustainable development while preserving cultural identity. Bhutan's ambitious plans may lead the country to economic prosperity by integrating Bitcoin.
