On Wednesday, Gelephu Mindfulness City expanded their funds in cryptocurrency, much to the surprise of the world. Ethereum, Bitcoin and a couple of other coins are now set to be integrated in the strategic reserves that the newly appointed administrative area plans to put into place.
Bhutan Expands Their Strategic Reserves To BTC, ETH, And BNB
Gelephu Mindfulness City has launched an announcement through GMC on January 8 that it will start to include BTC, ETH, BNB, and other optimizations as part of their strategic reserves.
As per the details shared, an SRA of Bhutan tweeted through its official account the intention to consider digital assets which include Bitcoin (BTC), Ether (ETH), and BNB as a functional mortgage.
This serves the purpose to foster economic development and social investment helping GMC’s agenda to merge digital assets as one of the sectors.
What is further insightful is the fact that the assets that Gelephu Mindfulness City (GMC) is acquiring comes with huge capitalisation and due to that, 掜MC will also help consider those stable and secure blockchains ensuring the status ensures asset safety.
Bitcoin Mining in Bhutan: The New Angle
The decision comes as major news to enhance Bhutan’s economic resilience and boost involvement in Bitcoin mining. The Special Administration Region confirmed to purchase and sell crypto in reserves with lower than necessary price impact.
It is worth mentioning that in the last two months the government of Bhutan has sold Bitcoin worth millions as the price of Bitcoin goes over the 100K mark. Government maintains approximately USD 1.11 billion dollar worth of BTC, Arkham Intelligence calculated.
Bhutan can Bitcoin Gains and Shifts the Crypto Market
The crypto community reacted to Bhutan’s intention to further dive into crypto. In addition, on the other hand, the country is now creating the legal and regulatory framework for companies offering such financial services involving the dealing with digital assets.
And, also GMC prepares a high-level meeting with all heads of states to discuss the issue of declaring crypto as part of strategic reserves. Further, the plan is to create an international advisory group to GMC on the issue of digital assets.
Participants in Binance, Changpeng “CZ” Zhao Changpeng and Yi He reacted positively to the crypto adoption plan, while BNB Chain claims it is a “major milestone for blockchain adoption.”
Growth of prices for Bitcoin, ETH, BNB was due to the recent news and this is expected to help with the recovery from the many liquidations that the crypto market was facing for the past month or so.
