Thimphu, Dec 17: Bhutan on Tuesday announced plans to invest nearly US$1 billion from its national cryptocurrency reserves to develop the Gelephu Mindfulness City (GMC), a flagship economic project aimed at boosting employment and attracting foreign investment.
The investment will involve the allocation of up to 10,000 Bitcoins, positioning the initiative among the largest sovereign crypto-backed development efforts in the world. GMC is being developed as a special economic zone near the Indian border, with a focus on sustainable and conscious industries.
Speaking on Bhutan’s National Day, King Jigme Khesar Namgyel Wangchuck said the project is designed to benefit all citizens.
“I must ensure that every Bhutanese is a custodian, stakeholder and beneficiary of GMC,” the King said.
Bhutan has increasingly turned to cryptocurrency mining powered by hydropower, using its abundant renewable energy resources while maintaining its carbon-negative status. The government views digital assets as a strategic tool to diversify the economy and generate long-term revenue.
The Mindfulness City project is part of a broader strategy to address youth unemployment and reverse outward migration, challenges that have persisted despite Bhutan’s long-standing emphasis on Gross National Happiness as a development philosophy.
“To support this policy, I am announcing today the allocation of up to 10,000 BTC, valued at approximately US$1 billion,” the King said, adding,
“This commitment is for our people, our youth and our nation.”
First unveiled in 2023, GMC has been envisioned as a “Mindfulness City, encompassing conscious and sustainable businesses, inspired by Buddhist spiritual heritage.”
Bhutan hopes the project will combine economic growth with environmental sustainability and cultural values, setting a distinctive development model for the Himalayan kingdom.
