Bhutan pledges 10K Bitcoin to develop its ‘mindfulness city’

Stephen Katte 1 minute ago Bhutan pledges 10K Bitcoin to develop its ‘mindfulness city’ It’s estimated that Bhutan has around 11,286 Bitcoin in total, a stash worth over $986 million, making it the fifth-largest known holder among countries. Listen 0:00 News COINTELEGRAPH IN YOUR SOCIAL FEED The Kingdom of Bhutan says it will tap into 10,000 Bitcoin from its stash to help build its special administrative region, the Gelephu Mindfulness City (GMC). Located in the town of Gelephu in Southern Bhutan, GMC was launched in 2024 as Bhutan’s new economic hub to stop the exodus of young Bhutanese from the country by creating high-value local jobs. It is designed to attract businesses in various sectors, including finance, tourism, green energy, technology, healthcare, and agriculture. The city offers regulatory flexibility for crypto and fintech firms and serves as a space to further Bhutan’s Bitcoin mining. It covers roughly 10% of Bhutan, or around 1,544 square miles, according to its website. How Bitcoin will be used to fund Bhutan’s GMC A range of measures is being considered for the $875 million in Bitcoin ( BTC ), including risk-managed yield and treasury strategies and long-term holding plans designed to preserve and protect the value of the stash, the country said on Wednesday. The priority will be to preserve the long-term potential of Bitcoin while ensuring development proceeds stably and sustainably. “Bitcoin’s enduring strength lies in its ability to compound value over time,” it said, adding: “Any use of Bitcoin will be guided by strong governance and prudence, with an emphasis on capital preservation, appropriate oversight, and transparency.” Bhutan has the fifth-largest stash of Bitcoin among countries, most of which has come from mining, with Bitbo estimating that the kingdom holds around 11,286 coins, worth over $986 million. The US is leading the pack among countries holding Bitcoin. Source: Bitbo Bitcoin-powered development a key policy for government The plan to use Bitcoin for the Gelephu Mindfulness City is part of the wider national Bitcoin Development Pledge, which aims to support Bhutan’s long-term economic development through its Bitcoin stash and mining operations. Related: Bhutan deepens green Bitcoin strategy with Cumberland-backed infrastructure King Jigme Khesar Namgyel Wangchuck said his goal is to ensure that the entire population of over 796,682 people benefits from the GMC. “We are therefore developing a new land policy that protects landowners, prevents widening disparities, and ensures shared national prosperity,” he said. “Think of GMC as a company and landowners as its shareholders. Since most land is state-owned, Bhutanese from all Dzongkhags will share in its success.” A masterplan and legal framework for the GMC were unveiled in 2024, along with the appointment of a board of directors and a governor. Work has also begun to clear and prepare site areas and renovate old buildings. The special administrative region has crypto-based payments across merchants and tourism services, and launched TER, a sovereign-backed digital token linked to physical gold . It has been envisioned as an economic corridor linking South Asia to Southeast Asia, with executive autonomy and legal independence, according to King Khesar. It will be built in phases over the next 20 years. Magazine: Big questions: Would Bitcoin survive a 10-year power outage? # Bitcoin # Blockchain # Business # Government # Technology # Adoption # Bitcoin Mining # Bhutan Add reaction