Gelephu Mindfulness City, GMC, has announced plans to adopt digital assets such as Bitcoin, Ethereum, and Binance Coin in its strategic reserves. According to a GMC social media post, the move makes the Special Administrative Region one of the first jurisdictions globally to officially hold digital assets as reserves.
Strategic reserves refer to assets or resources set aside to ensure economic stability, security, or preparedness for future challenges. Examples include foreign currency reserves, gold reserves, and food reserves.
According to the GMC, including digital assets in its reserves aims to enhance the city’s economic resilience, building on its earlier involvement in Bitcoin mining.
The GMC intends to prioritise assets with large market capitalisations and strong liquidity, ensuring seamless transactions with minimal price volatility.
Digital assets chosen for GMC’s strategic reserves will have a high total market value and can be traded without significantly impacting their price.
The GMC will also focus on digital assets operating on secure blockchains with a long operational history, ensuring effective transaction monitoring.
Strategically positioned as a land bridge between South Asia’s emerging economies, the GMC aims to integrate blockchain technology as a foundation of its economic strategy.
This initiative follows the enactment of the “Application of Laws Act 2024” last month, which introduced a regulatory framework for financial services involving digital assets within the GMC.
In March, the GMC will host a conference with government officials and global industry leaders to discuss the recognition of digital assets as strategic reserves.
The event will also explore forming an international advisory panel on digital assets for the Gelephu Mindfulness City.
Sherub Dorji