Bhutan's Gelephu City announced plans to include Bitcoin, Ethereum, and Binance Coin in its strategic reserves, positioning itself among the first regions to officially hold digital assets.
Crypto as a Catalyst for Economic Growth
Gelephu aims to become the 'Hong Kong of South Asia,' serving over two billion people. The inclusion of Bitcoin, Ethereum, and Binance Coin is to maintain transparency through on-chain transaction monitoring. This follows the enactment of the 'Application of Laws Act 2024,' expected to attract businesses and boost blockchain adoption.
Strategic Partnerships and Vision
Gelephu's development has gained international attention, including a partnership with Bjarke Ingels Group (BIG). BIG will open an office in Bhutan and work on city development. The city plans discussions on integrating digital assets into strategic reserves in 2025 and forming an international advisory panel.
Bhutan’s Lead in Sustainable Crypto Adoption
Bhutan's crypto journey sets it apart from neighboring countries like India. The nation uses hydropower for large-scale Bitcoin mining, accounting for 30% of its GDP, with the capacity to generate 23,760 MW of electricity. Bhutan's $1 billion Bitcoin holdings surpass El Salvador's.
Bhutan and Gelephu demonstrate a progressive approach to cryptocurrencies, leveraging sustainable energy and legal frameworks to bolster the economy and blockchain adoption.
