Gelephu Mindfulness City (GMC), Bhutan’s newly established Special Administrative Region (SAR), has revealed plans to add Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) to its strategic reserves.
This initiative marks a significant step as GMC becomes one of the first regions to officially integrate cryptocurrencies into its financial framework.
The decision to include these major cryptocurrencies is part of GMC’s broader goal to strengthen its economic foundation.
In a statement released on 8 January 2025, GMC officials explained that the move aims to "enhance the SAR’s economic resilience."
By incorporating Bitcoin, Ethereum, and Binance Coin, GMC intends to tap into the potential of digital assets to bolster its financial stability, a crucial step as the region grows its involvement in blockchain and cryptocurrency technologies.
Officials highlighted that these assets were chosen based on their large market capitalisations and deep liquidity, ensuring that they can be traded seamlessly without major price fluctuations.
These factors are important for GMC, as they aim to build a robust financial environment.
Additionally, GMC wants the assets to be supported by secure blockchains that allow for transparent on-chain transaction monitoring.
This initiative comes in the wake of the introduction of GMC Law No. 1 of 2024, or the ‘Application of Laws Act 2024’, which establishes a clear legal framework for businesses engaged in digital asset services within the city.
This framework is designed to create a well-regulated environment that encourages the growth of the digital asset ecosystem while ensuring security and compliance with legal standards.
The Act also paves the way for future development, with officials expressing their hope that it will foster a healthy balance between innovation and regulation, thus promoting the growth of the region’s digital economy.
Bhutan’s investment in Bitcoin is not a new venture.
The country has been steadily increasing its Bitcoin holdings for several years, and as of November 2024, it holds over $1 billion worth of Bitcoin, placing it among the top five Bitcoin holders globally.
Bhutan currently ranks in fifth place.
The country has been investing heavily in cryptocurrency and related technologies, and GMC’s decision to add digital assets to its reserves follows Bhutan’s broader strategy of capitalising on the digital asset space.
In May 2023, Bhutan allocated 5% of its Gross Domestic Product (GDP) to Bitcoin mining, further cementing its position as a significant player in the world of digital assets.
This initiative was part of Bhutan’s strategy to partner with Bitcoin miners to expand its stake in the cryptocurrency market.
In a bid to further its commitment to digital assets, GMC plans to host an international summit in March 2025.
The event will bring together senior government officials and industry leaders from across the globe to discuss the role of digital assets in national reserves.
The summit will also focus on establishing an advisory panel to help guide GMC’s future initiatives in the digital asset space.
This gathering will serve as an opportunity for experts to share knowledge and explore new avenues for integrating digital assets into global financial systems.
The event is expected to attract attention from various stakeholders, as GMC continues to position itself as a leader in the regulation and development of digital asset markets.
A recent study found that most crypto advice on TikTok is misleading, with over half of videos promoting risky investments without proper warnings. Many influencers push specific coins, make unrealistic promises, and lack proper qualifications, putting viewers at high financial risk.
WeatherlyA Russian man was assaulted and robbed by a fellow country man at a luxury hotel in Thailand. During the assault, the victim suffered countless bruises and several blows to the head, some of which were so serious that it knocked him unconscious in the hotel room toilet. Luckily, the man managed to survive the attack but it left him $20,000 poorer.
XingChiMetaplanet aims to increase its Bitcoin holdings to 10,000 BTC by the end of 2025. The company grew its holdings from 225 to 1,761 BTC in 2024, using bond issuances for funding.
WeatherlyToday, marks the sweet 16th birthday of bitcoin, which was born on 3rd January, 2009. This pivotal moment marked the official launch of Bitcoin, the world’s first cryptocurrency, setting the stage for a financial and technological revolution that continues to influence the modern economy.
XingChiThe Blockchain Bandit made waves in the blockchain community between 2016 to 2018 when they achieved something that was previously deemed statistically impossible.
XingChiChina has introduced stricter regulations requiring banks to monitor and report suspicious cryptocurrency transactions. These measures are part of an ongoing effort to control digital asset trading and prevent illegal activities like cross-border gambling.
WeatherlyData from the Bank of Korea (BOK) has showed that the number of cryptocurrency investors in Korea has reached 15.59 million as of November, an increase of 610,000 compared to the previous month, representing more than 30% of Korea's entire population of approximately 51.23 million.
XingChiEthereum seems to be entering into a selling week, with its prices plummeting and many influential members of the crypto community selling off their Ethereum holdings. One of which was Tron's founder, Justin Sun, who sent 70,182 Ethereum, which is worth $244.9 million on Christmas eve on Christmas Eve to HTX.
XingChiLuxury brands and businesses like Printemps, S.T. Dupont, and Virgin Voyages are now accepting Bitcoin as payment, driven by its record value of over $108,000. This shift highlights growing interest in cryptocurrency for high-end purchases despite challenges like consumer education and regulatory barriers.
WeatherlyApple's AI strategy shifts towards collaboration with Meta and OpenAI, aiming to enhance capabilities amid concerns over data privacy and competitive positioning in the AI market. This approach raises questions about Apple's internal AI development and the implications for user trust.
AnaisFarworld Labs secured $1.75 million to prepare for Q3 releases, including Farcade, a decentralised Web3 gaming platform with on-chain social media. Farworld Labs aims to revolutionise the gaming landscape and advance decentralised gaming experiences.
CatherineTeleport challenges Uber and Lyft with blockchain efficiency, offering lower fees for drivers and riders alike. Built on Solana, Teleport aims to revolutionise ride-sharing with transparency and fairness in a decentralised ecosystem.
WeatherlySolana's price has sharply declined over the past month amidst a broader market correction and rumours of a criminal investigation. Are these claims unfounded, or is the popular altcoin at significant risk?
KikyoHamster Kombat, a tap-to-earn game on Telegram, has attracted 200 million players globally, sparking both hope for income in Iran and concerns over its impact on society and politics.
AnaisTouted as the "next generation meme token", BorpaToken aims to distinguish itself from low-quality, quick-turnover meme coins by committing to high standards and longevity. With the TGE on 27 June, BorpaToken aspires to revolutionise the meme coin space. But will it take the meme coin world by storm or be the ultimate con?
CatherineMapleStory Universe integrates blockchain technology into the beloved MMORPG, offering players ownership of in-game assets through NFTs and a shift from traditional cash shops to earn-to-play mechanics. Nexon's $100 million investment and strategic move to Avalanche highlights its commitment to revolutionising gaming with transparency and community-driven experiences.
WeatherlyMetallica's official X account was hacked to promote the Solana token METAL, making them the latest victim of celebrity meme coin scams. Rapper 50 Cent and wrestler Hulk Logan also joined the growing list of victims this month.
KikyoThe music industry faces legal battles with AI startups accused of copyright infringement by major labels. These cases highlight AI's transformative potential in music creation, raising crucial questions about ownership and originality in the digital age.
AnaisOthentic, a Web3 orchestration and abstraction layer for AVS developers, has secured $4 million in funding to boost its development efforts. However, with its recent inception and limited details, one must wonder: is Othentic truly authentic?
Catherine