On Wednesday, Bhutan’s Gelephu Mindfulness City (GMC) announced its decision to expand its crypto adoption plan. The country’s new special administration region will hold Bitcoin (BTC), Ethereum (ETH), Binance’s BNB, and other digital assets in its strategic reserves.

Bhutan to Include Bitcoin, Ethereum, and BNB in Strategic Reserves

Bhutan’s Gelephu Mindfulness City (GMC) has announced plans to hold BTC, ETH, BNB, and other digital assets in its strategic reserves, according to an official statement released on January 8.

“Located on the land bridge connecting the rapidly growing economies of South Asia, GMC is uniquely positioned to serve the more than two billion people in the region. One of its key economic focuses is promoting and supporting the use of blockchain technology, in line with the Special Administration Region’s (SAR) emphasis on innovation and pioneering new technologies.”

According to details, Bhutan’s new Special Administration Region plans to recognize digital assets such as Bitcoin (BTC), Ether (ETH), and BNB as part of its strategic reserves. This decision makes GMC one of the first jurisdictions to hold digital assets in strategic reserves.

Gelephu Mindfulness City (GMC) will purchase only digital assets with large market capitalization and deep liquidity. Additionally, GMC will review other digital assets issued on secure and stable blockchains that support on-chain transaction monitoring.

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Bhutan Focuses on Bitcoin Mining

This decision stands out as a significant development in Bhutan’s efforts to enhance its economic resilience and strengthen its participation in Bitcoin mining. The Special Administration Region (SAR) has confirmed plans to buy and sell cryptocurrencies in reserves with minimal impact on market prices.

Another notable development is that the Bhutanese government sold millions of dollars worth of Bitcoin in the last two months, after Bitcoin’s price surpassed $100K. According to Arkham Intelligence, the government still holds $1.11 billion worth of BTC.

Reactions from the Crypto Community

The crypto community has responded positively to Bhutan’s intention to further immerse itself in crypto. Additionally, the country is establishing a legal and regulatory framework for companies seeking to offer financial services involving digital assets.

Moreover, GMC plans to hold a high-level meeting with global leaders to discuss the adoption of crypto in strategic reserves. There is also a goal to establish an international advisory panel on digital assets for GMC.

Binance co-founders Changpeng “CZ” Zhao and Yi He reacted to the crypto adoption plan, and BNB Chain claims that this is a “major milestone for blockchain adoption.”

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