Bhutan, known for its self-isolation and preservation of traditions, is actively embracing technology and cryptocurrency. This article explores how this small kingdom is changing its course.
From Isolation to Mining
Until recently, Bhutan followed a policy of self-isolation and the protection of national traditions. A turning point came with the enthronement of Jigme Singye Wangchuk, whose son, the current King Jigme Khesar Namgyal Wangchuck, continues his father's modernization efforts. In 2023, it was revealed that the kingdom was secretly mining cryptocurrencies at the state level. Reports indicate that the Druk Holding & Investments (DHI) fund invested millions in cryptocurrencies, leveraging its advantage of surplus cheap hydroelectric energy. DHI confirmed that the country is creating new data centers powered solely by hydropower.
The Philosophy of 'High Value, Low Impact'
The 'High Value, Low Impact' philosophy is aimed at minimizing negative impacts on the environment and culture. After the borders reopened in 2022, the Sustainable Development Fee was increased from $65 to $200 per person per day. However, in September 2023, the government announced a reduction of this fee to $100 to stimulate tourist inflow. Concurrently, visa procedures were simplified, allowing travelers to book hotels and services directly.
Future as a Technological Hub
Despite the accompanying challenges, Bhutan aims to create a technological future. Limited human resources and the need to develop IT infrastructure pose significant challenges. However, Bhutan's unique approach, including support for mining and cryptocurrency initiatives, could set an example for other countries. Bhutan demonstrates a readiness not just to catch up but also, in some aspects, to stay ahead of global technology trends.
Bhutan, long in voluntary isolation, seeks to find its place in the digital world, showcasing a vivid example of combining innovation with sustainable development philosophy.
