Gelephu, a special administrative region in Bhutan, announced plans to include cryptocurrencies in its strategic reserves, positioning it among the first regions globally to officially incorporate digital assets into reserve strategy.
Crypto as a Catalyst for Economic Growth
GMC's decision reflects its vision to become the 'Hong Kong of South Asia.' Positioned strategically near South Asia's rapidly growing economies, GMC aims to serve over two billion people in the region. The inclusion of Bitcoin, Ethereum, and Binance Coin is part of a broader strategy to adopt mature digital assets with high market capitalization and deep liquidity. These assets are chosen for their stability and their ability to support on-chain transaction monitoring, ensuring transparency and security.
Strategic Partnerships and Vision
GMC’s development has drawn international attention, including a partnership with Bjarke Ingels Group (BIG), a Danish architecture and design firm. BIG is opening an office in Bhutan to work on GMC’s development and foster design talent within the Himalayan kingdom. The city’s focus on digital assets aligns with Bhutan’s broader economic transformation. GMC plans to host a high-level meeting in March 2025, bringing together government officials and industry leaders to discuss integrating digital assets into strategic reserves.
Bhutan’s Lead in Sustainable Crypto Adoption
Bhutan’s crypto journey sets it apart from neighboring countries like India, which maintains a cautious stance on digital assets. Bhutan’s $1 billion Bitcoin holdings dwarf El Salvador’s $335 million as of Nov. 12, despite the latter’s population being nearly eight times larger. The nation’s success is rooted in its unique ability to power large-scale Bitcoin mining with hydropower. Bhutan’s hydropower accounts for 30% of its GDP, with a capacity to generate 23,760 MW of electricity.
Gelephu in Bhutan is making a significant move by including cryptocurrencies in its strategic reserves, aligning with the region's broader economic transformation and highlighting its unique capabilities in sustainable digital asset utilization.
