On 17/12, during National Day celebrations, Bhutan's King Jigme Khesar Namgyel Wangchuck announced significant investment in Gelephu Mindfulness City (GMC). This initiative aims to establish GMC as an economic hub for the Himalayan nation.
Bhutan's King stated, "I must ensure that every Bhutanese is a protector, a shareholder, and a beneficiary of GMC. To support this policy, today I announce the allocation of 10,000 BTC (bitcoin), valued at approximately 1 billion USD, to GMC. This is a commitment to the people, youth, and nation of Bhutan."
The initiative aims to create jobs, foster economic development, and boost national resilience. A new land policy will also allow Bhutanese citizens from all regions to participate in GMC's success, treating them as project shareholders.
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Bhutan's King inspects a newly built monastery in Gelephu Mindfulness City on 4/12. *Photo: Facebook/King Jigme Khesar Namgyel Wangchuck*. |
Bhutan, a predominantly Buddhist nation situated between India and Trung Quoc, unveiled plans in 2023 for GMC. This special economic zone, located near the Indian border, will host businesses that prioritize ethics, responsibility, and sustainable development, drawing inspiration from the nation's Buddhist spiritual heritage, according to Bhutan's King.
Jigdrel Singay, a GMC board member, clarified that Bhutan has no immediate plans to sell its bitcoin. Instead, the nation is preserving this capital, anticipating future price appreciation. Authorities are considering various options for the 10,000 BTC, including collateralizing the reserves and implementing risk management strategies for interest rates and asset values.
Bhutan, a carbon-negative nation, has actively promoted hydropower projects in recent years. This has increased revenue through electricity exports to energy-hungry India. The nation also leverages its affordable electricity to mine cryptocurrencies, particularly bitcoin.
The World Bank reports Bhutan's GDP per capita at approximately 3,718 USD. Between 2021 and 2022, the state-owned Druk Holding&Investments (DHI) invested 539 million USD, one-fifth of the nation's gross domestic product, into cryptocurrency mining. Despite this, Bhutan has not publicly disclosed its exact cryptocurrency holdings.
By Hong Hanh (Based on AFP, Decrypt reports)
