Daijiworld Media Network - Thimphu
Thimphu, Dec 17: Bhutan on Wednesday announced it will invest USD 1 billion from its national cryptocurrency reserves to develop the ambitious ‘Gelephu Mindfulness City’, envisioned as a major economic and investment hub for the Himalayan kingdom.
The announcement was made by King Jigme Khesar Namgyel Wangchuck during his address on the occasion of Bhutan’s National Day. He said the initiative aims to create opportunities for the country’s youth and ensure inclusive economic growth.
“I must ensure that every Bhutanese is a custodian, stakeholder and beneficiary of the Gelephu Mindfulness City. To support this policy, I am announcing today the allocation of up to 10,000 BTC, valued at approximately USD 1 billion,” the King said.
Bhutan, a Buddhist-majority nation, is globally known for prioritising ‘Gross National Happiness’ over conventional economic growth. However, the country has been grappling with rising unemployment, which has driven thousands of young Bhutanese to seek work abroad.
As part of efforts to reverse this trend and attract foreign investment, Bhutan unveiled plans in 2023 for the Gelephu Mindfulness City (GMC), a special economic zone located near the Indian border. The project is expected to promote conscious, sustainable businesses inspired by Bhutan’s Buddhist spiritual heritage.
Carbon-negative Bhutan has also leveraged its abundant hydropower resources to generate revenue by exporting electricity to India. In parallel, the country has utilised low-cost power to mine cryptocurrencies, particularly bitcoin.
According to the World Bank, Bhutan’s GDP per capita stands at around USD 3,718. Its state-owned investment arm, Druk Holding and Investments (DHI), invested about USD 539 million — nearly one-fifth of the country’s GDP — in cryptocurrency operations during 2021–2022.
While Bhutan has since built substantial crypto reserves, their exact value has not been officially disclosed. The proposed investment in the Mindfulness City marks one of the most significant uses of cryptocurrency assets by a sovereign nation to fund large-scale development.