The Kingdom of Bhutan has taken its adoption of bitcoin (BTC) a step further by allocating a portion of its reserves to the development of its new special administrative region, Gelephu Mindfulness City (GMC).
According to a press release sent to CryptoPotato, the country will channel 10,000 BTC, worth roughly $1 billion, to support the long-term development of GMC. GMC is a new economic hub designed for mindfulness, sustainability, and innovation.
Bhutan Unveils Bitcoin Development Pledge
Bhutan’s ruler, His Majesty King Jigme Khesar Namgyel Wangchuck, unveiled the Bitcoin Development Pledge via his National Day Address earlier this week. The commitment aligns with the king’s vision of applying modern digital technologies to serve the people of Bhutan and future generations.
The country will assess several approaches that would enable the long-term use of the pledged assets. The options under consideration include collateralising the Kingdom’s bitcoin holdings, implementing yiel
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