The Royal Government of Bhutan recently transferred 99.47 BTC to Binance as part of its cryptocurrency assets.
Bhutan's Bitcoin Transactions
Following the latest transfer, the total amount of Bitcoin sent to Binance over the past two weeks reached 650 BTC, valued at approximately $74.24 million. The transaction was conducted through Bhutan's investment arm, Druk Holding. In the preceding weeks, the government had been dormant in terms of transactions until June 30, when it transferred 137.24 BTC worth around $14.7 million.
Bhutan's Cryptocurrency Strategy
Under the leadership of King Jigme Khesar Namgyel Wangchuck, Bhutan aims to integrate cryptocurrency into its national development plans. The country currently holds 11,411 BTC and 656 Ether. Bhutan is also developing hydro-powered Bitcoin mining and creating a crypto reserve. In May, it partnered with Binance to enable crypto payments in the tourism sector.
Critical Moments and Challenges
The newly established special administrative region of Bhutan, Gelephu Mindfulness City, plans to include Bitcoin, Ethereum, and Binance Coin in its strategic reserves. However, challenges such as unstable internet infrastructure pose hurdles for widespread adoption. The government has yet to comment on these recent Bitcoin transfers.
In light of the growing interest in cryptocurrency as part of government investment strategies, Bhutan continues to advance its cryptocurrency initiatives despite existing challenges.
