Bhutan allocates '10,000 Bitcoins' to special administrative zone development…holds 90%

Bhutan is allocating 10,000 Bitcoins (BTC) to the development of a special administrative zone.

On the 17th (local time), Cointelegraph reported that the Bhutan government recently decided to use 10,000 Bitcoins for the development of 'Gelephu Mindfulness City (GMC·Gelephu Mindfulness City)'. GMC is a special administrative zone that Bhutan plans to establish in its southern region, and development began last year.

The Bitcoins that Bhutan is allocating to GMC development amount to 88.6% of Bhutan's total holdings (about 11,286). According to on-chain analytics firm Bitbo, the value of the Bitcoin holdings secured by the Bhutan government is $986,000,000. Cointelegraph reported, "Bhutan is the fifth-largest holder of Bitcoin in the world," and "the holdings were mostly obtained through mining."

Meanwhile, the Bhutan government plans to provide regulatory flexibility to fintech and cryptocurrency companies within GMC. Cointelegraph said, "GMC is a new economic hub designed to prevent Bhutan's young talent from leaving the country and to create high-value-added jobs," adding, "It is designed to attract companies in various sectors, including finance, tourism, technology, and healthcare."