Bhutan's special administrative region, Gelephu, has made a significant announcement by including cryptocurrencies in its strategic reserves. This move is part of a broader strategy to foster economic growth and technological advancement in the region.
Crypto as a Catalyst for Economic Growth
Gelephu's decision reflects its aim to become the 'Hong Kong of South Asia.' Strategically located, Gelephu plans to serve over two billion residents. The inclusion of Bitcoin, Ethereum, and Binance Coin is due to their stability and the ability to support on-chain transaction monitoring.
Strategic Partnerships and Vision
Gelephu is attracting international attention, including a partnership with the Danish architectural firm Bjarke Ingels Group, which is opening an office in Bhutan. The city's plans involve hosting a high-level meeting in 2025 to discuss digital asset integration, and establishing an international advisory panel on these issues.
Bhutan's Lead in Sustainable Crypto Adoption
Bhutan stands out in the cryptocurrency market by utilizing hydropower for Bitcoin mining, which allows it to exceed countries like India and even El Salvador in cryptocurrency reserves. Hydropower makes up a significant portion of the country's GDP and enables production of 23,760 MW of electricity.
Gelephu, keeping with the times, doubles its efforts to integrate cryptocurrencies into its economic policy, thus creating attractive conditions for businesses and technological development in the region.
