This is a city in Bhutan that is seeking to become the first region in the world to officially adopt cryptocurrencies for its strategic reserve.
The Gelephu Special Administrative Regionalso known as Gelephu Mindfulness City (GMC), announced this Tuesday in a statement that they will incorporate into their treasury, Bitcoin and other cryptocurrencieslike Ethereum.
In particular, the region expressed its intention to recognize digital assets Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB). The decision to incorporate cryptocurrencies into its strategic reserves becomes a milestone in the world as it is the first region to do so.
Bitcoin.webp
Bitcoin: use in reserves for countries
“For its strategic reserves, GMC intends to recognize digital assets that have large market capitalizations and deep liquidity to ensure they can be easily bought and sold with minimal impact on prices,” they officially said.
It was also reported that this initiative aims aim strengthen the city’s economic resilience and take advantage of its participation in Bitcoin mining. Bhutan is known to have been mining Bitcoin for years as part of its innovative approach to new technologies.
It is worth noting that GMC is a newly created eco-friendly city, which aims to attract investment, develop skills and create jobs in the country, which is highly dependent on aid, hydropower and tourism.
In the statement this Tuesday, the eco-city said that the plan to incorporate cryptocurrencies into the GMC strategic reserve follows the enactment of the GMC Law No. 1 of 2024 that establishes a legal and regulatory framework in the region to companies seeking to offer financial services that involve digital assets.
The enactment of this law, along with the recognition of digital assets such as BTC, ETH and BNB as part of GMC’s strategic reserves, aims to drive the growth of the digital asset ecosystem in GMC within a technologically progressive but well-regulated environment.
“Located on the land bridge connecting the fast-growing economies of South Asia, GMC is uniquely positioned to serve more than two billion people in the region, and one of its main economic focuses is to promote and support the use of blockchain technology”, closed the official communication.
Source: Ambito
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