Bhutan to Utilize Bitcoin Reserves for New Economic Hub Development

According to BlockBeats, the Bhutanese government plans to use 10,000 bitcoins from its reserves to develop a special administrative zone called Gelephu Mindfulness City (GMC). Located in southern Bhutan's Gelephu town, GMC is set to launch in 2024 with the aim of creating high-value local jobs, curbing youth migration, and establishing a new economic center in the country. The city intends to attract businesses from various sectors, including finance, tourism, green energy, technology, healthcare, and agriculture. It will offer regulatory flexibility for cryptocurrency and fintech companies while promoting the development of Bitcoin mining in Bhutan. According to the official website, GMC will cover approximately 10% of Bhutan's land area, around 1,544 square miles. Bhutan ranks fifth globally in terms of Bitcoin reserves, with most of its holdings derived from mining activities. The country possesses approximately 11,286 bitcoins, valued at over $986 million.