- When expressed in terms of value, the promise indicates a commitment to support the long-term growth of GMC.
- In order to fulfill this promise that spans many years, Bhutan will conduct an assessment of a variety of appropriate measures that are in line with long-term stewardship.
Bhutan has introduced a national Bitcoin Development Pledge with the intention of bolstering the nation’s long-term economic growth, the cultivation of employment opportunities, and the resiliency of the nation.
GelephuMindfulness City (GMC) is a new economic hub in southern Bhutan that is focused around mindfulness, sustainability, and innovation. The promise includes a commitment of up to 10,000 Bitcoin (BTC) towards the establishment of GMC. This is the centerpiece of the pledge.
When expressed in terms of value, the promise indicates a commitment to support the long-term growth of GMC with up to one billion USD worth of sovereign Bitcoin reserves.
The pledge is in accordance with the vision of His Majesty King Jigme Khesar Namgyel Wangchuck, and it reflects Bhutan’s resolve to implement contemporary digital technologies with care, patience, and responsibility, with the aim of serving its people and future generations.
In order to fulfill this promise that spans many years, Bhutan will conduct an assessment of a variety of appropriate measures that are in line with long-term stewardship. The method will be decided upon in the following months, and some of the possibilities that are being considered include collateralizing the Kingdom’s Bitcoin holdings, risk-managed yield and treasury techniques, and targeted long-term holding approaches that are aimed to maintain and safeguard the value of the Kingdom’s digital assets.
In any use of Bitcoin, good governance and prudent decision-making will serve as guiding principles, with a particular focus on the protection of capital, adequate supervision, and openness. Since Bhutan acknowledges that Bitcoin’s enduring strength lies in its capacity to compound value over time, the country’s top priority will be to preserve that long-term potential while also ensuring that development proceeds in a stable and sustainable manner, delivering positive economic and social outcomes, particularly for the country’s young population.
One of the first sovereign countries to mine Bitcoin, Bhutan has been utilizing renewable hydropower to produce digital assets for a number of years. Bhutan is also one of the first nations to mine Bitcoin. It is possible for its rich natural hydropower resources to surpass domestic demand at times, which enables excess clean energy to be transformed into a long-term national asset without causing any further positive influence on the environment. When it comes to mining Bitcoin in a responsible manner, the nation will continue to make use of any surplus renewable energy that is generated by its national power generating utility.
In order to contribute in the establishment of Gelephu Mindfulness City, the pledge strengthens collaboration with responsible international businesses that are involved in the fintech and digital asset industries. For the purpose of providing regulatory clarity, contemporary financial connections, and a long-term environment that is values-led for the sake of cooperation and progress, the GMC is now undergoing development as a Special Administrative Region.
Because Bhutan has a well-established track record of being a careful and competent adopter of digital and financial infrastructure, this announcement builds on that track record. There are large national Bitcoin reserves in Bhutan today, which have been created by the use of sustainable energy.
At the same time, Bhutan has established its national digital identity system on public blockchain infrastructure. This has made it possible for approximately 800,000 residents to authenticate their identities in a safe manner and have access to public services. In order to build upon this basis, Bhutan has implemented crypto-based payments across businesses and tourist services, incorporated digital assets into the strategic reserves of the GMC, and introduced TER, a digital token that is backed by the government and is tied to real gold. These projects, when taken as a whole, demonstrate a methodical and long-term approach to innovation that is founded on governance, sustainability, and practical application in the contemporary world.
On the occasion of National Day, His Majesty King Jigme Khesar Namgyel Wangchuck delivered the following address:
״As your King, I must ensure that every Bhutanese is a custodian, stakeholder, and beneficiary of GMC.
We are therefore developing a new land policy that protects landowners, prevents widening disparities, and ensures shared national prosperity. 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.
To support this policy, I am announcing today the allocation of up to 10,000 BTC, valued at approximately USD 1 billion. This commitment is for our people, our youth, and our nation.״
You may read the whole Bhutan Bitcoin Development Pledge by clicking on the following link: https://gmc.bt/pledge.
The Gelephu Mindfulness City Special Administrative Region is a huge goal that aims to establish a world-class economic powerhouse in the southern region of Bhutan. Mindfulness, sustainability, and innovation will serve as the focal points of this endeavor. Traditional Bhutanese values are incorporated into the SAR, together with internationally recognized legal frameworks, cutting-edge design and technology, and the use of the Kingdom’s rich renewable energy resources, in order to serve as a worldwide model of holistic development. To get further details, please visit www.gmc.bt or send an email to [email protected].