Bhutan’s Mindfulness City located in the southern Himalayan foothills, Gelephu, has announced that it will hold Bitcoin, Ethereum and Binance Coin in its strategic reserve assets.
The Special Administration Region (SAR) has become one of the first jurisdictions to officially include digital assets in its reserves.
“The inclusion of digital assets will enhance the SAR’s economic resilience, and is an evolution of the jurisdiction’s involvement in Bitcoin mining,” a Wednesday press release read.
The Gelephu Mindfulness City (GMC) in Bhutan has chosen cryptos that have large market capitalisations and deep liquidity. This is because, these assets can be easily bought and sold with minimal price impacts. BNB Chain calls it a “major milestone for blockchain adoption.”
“GMC will look to recognise digital assets that are issued on more mature, secure blockchains that support monitoring of on-chain transactions.”
Meanwhile, the announcement comes weeks after crypto firm Matrixport became the first licensed applicant to expand its operation in GMC.
The ‘mindfulness city’ project was built in November 2024, with a $100 million bond issue. The city has separate rules and laws and aims to be an economic corridor linking South Asia to Southeast Asia. The autonomous city aims to be a base for various businesses and services.
‘Mindfulness City’ to Offer Financial Services Involving Cryptos
The SAR of Gelephu Mindfulness City, enacted a set of laws on 26 December 2024. This includes establishing the legal and regulatory framework for crypto asset service providers.
“The enactment of this law, coupled with recognising digital assets such as BTC, ETH and BNB as part of GMC’s strategic reserves, is intended to bolster the growth of the digital asset ecosystem in GMC within a technologically progressive, yet well-regulated environment,” the release noted.
In March, Gelephu Mindfulness City will discuss the recognition of cryptos as part of a jurisdiction’s strategic reserves. Further, the “high-level” meeting will be held at the Kingdom of Bhutan, involving senior government officials and global industry leaders. They will also decide on establishing an international advisory panel on digital assets for GMC.
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