The Kingdom of Bhutan has pledged 10,000 BTC to support the long-term development of the Gelephu Mindfulness City (GMC), a special administrative region inspired by Buddhist spiritual heritage.
Announcing the initiative, GMC described the ‘Bitcoin Development Pledge’ as a “values-led, responsible approach to using digital assets for national resilience, jobs, and youth opportunity.”
GMC was established in 2023 as an autonomous region with legal independence, building on the Himalayan country’s focus on its citizens’ welfare. Bhutan is the world’s happiest country, with its concept of Gross National Happiness now enshrined in its constitution.
In its announcement, the Bhutanese government noted that it has been mining BTC with its surplus energy.
“This [BTC] was produced using excess renewable energy, with care for our environment and without added ecological harm. In doing so, we transformed unused natural capacity into an enduring national value that can support future generations,” it stated.
Bhutan is committed to putting BTC to work for the long-term development of the landlocked nation’s economy. It has been widely reported that the government pledged not to sell the BTC; however, it did not make a firm promise, but will consider options such as using the BTC as collateral and for yield strategies. When it holds the BTC for extended periods, it will only be a bet on price appreciation.
Speaking to one outlet, GMC board director Jigdrel Singay said the BTC will serve as “both a reserve delegation and a proactive effort to generate yields from these BTC for the growth of GMC.”
Currently, the government of Bhutan—utilizing its sovereign wealth arm, Druk Holdings, as its investment vehicle—owns nearly 6,000 BTC, worth just over $500 million, according to data from Arkham. It’s the sixth-largest holding by a government, with the U.S. and China topping the charts with 328,000 and 190,000 BTC, respectively.
Besides its pledge to Mindfulness City, Bhutan followed the U.S. this year, announcing a strategic digital asset reserve in January. It followed this up with a new initiative allowing residents to make payments in digital assets. In October, it integrated its national digital ID platform with Ethereum, migrating from Polygon to “further strengthen the security of our digital identity.”
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Source: https://coingeek.com/bhutan-commits-900m-in-digital-assets-for-mindfulness-city/
