Bhutan Unveils Plans to Build the World’s First Bitcoin-Powered Mindfulness City – Crypto News – Crypto News
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Bhutan Unveils Plans to Build the World’s First Bitcoin-Powered Mindfulness City Bhutan Unveils Plans to Build the World’s First Bitcoin-Powered Mindfulness City

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Bhutan Unveils Plans to Build the World’s First Bitcoin-Powered Mindfulness City – Crypto News

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7 months ago

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Summary:

  • The Gelephu Mindfulness City Special Administrative Region is a visionary initiative creating a world-class economic hub in southern Bhutan.

Bhutan is taking a bold step into the future with its brand-new Bitcoin Development Pledge. But this isn’t just about Bitcoin; it’s about building a stronger economy, creating fresh job opportunities, and making the country more resilient for whatever comes next.

The pledge is in line with the vision of His Majesty King Jigme Khesar Namgyel Wangchuck, reflecting Bhutan’s intention to apply modern digital technologies with care, patience, and responsibility, in service of its people and future generations.

A key part of this pledge is a commitment of up to 10,000 Bitcoin (BTC) to help build Gelephu Mindfulness City (GMC). GMC is a new economic hub in southern Bhutan focused on being thoughtful, sustainable, and innovative. This Bitcoin commitment could be worth up to $1 billion from Bhutan’s sovereign Bitcoin reserves to help GMC realise its long term growth plans.

Bhutan is one of the earliest sovereign nations to mine Bitcoin and has been using renewable hydropower to create digital assets for a number of years The country often has more than enough hydroelectric power, so it can turn the extra clean energy into a long-term national asset without hurting the environment.

The approach will be determined in the coming months. Some options they’re considering include using the Kingdom’s Bitcoin holdings as collateral, using risk-managed investment plans, and holding onto the Bitcoin for the long term to protect its value. Any use of Bitcoin will be guided by strong governance and prudence, with an emphasis on capital preservation, appropriate oversight, and transparency.

 Bhutan today holds significant national Bitcoin reserves accumulated through clean energy. The country says it will continue to utilise excess renewable energy from its national power generation utility for responsible Bitcoin mining.

Blockchain Technology For National Identity

At the same time, Bhutan is using blockchain tech on public blockchain infrastructure for its national digital ID system.  This allows almost 800,000 citizens to safely prove their identity and access government services. Because of this, Bhutan has added digital assets to GMC’s reserves, allowed payments with digital currency at stores and tourist locations and launched TER, a sovereign-backed digital token linked to physical gold.

A Unique Land Policy

Under the leadership of His Majesty King Jigme Khesar Namgyel Wangchuck, the country developing a new land policy.  This policy will protect landowners, prevent inequalities from growing, and make sure everyone benefits from the nation’s success. 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.

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