The Gelephu Mindfulness City (GMC) Special Economic Zone and market maker Cumberland DRW have signed a memorandum of understanding under which the partners plan to develop the kingdom's digital ecosystem and financial infrastructure. The document covers several areas, including work on a national stablecoin, building computing centers, and strengthening institutional capabilities. On Bhutan's side, implementation will be led by GMC's subsidiary Green Digital Ltd, while Cumberland will provide market access and trading expertise.
Bhutan and Cumberland DRW Collaboration
The parties signed a multilateral memorandum outlining key cooperation areas: development of payment and trading infrastructure, preparation of regulatory and institutional frameworks, and workforce training. The agreement states the goal of creating a responsible digital asset ecosystem in Gelephu Mindfulness City; details about the memorandum signing are available in the press release. Green Digital Ltd will coordinate on-site project implementation, including construction and operation of data centers.
Roles of Participants
Green Digital Ltd, GMC's subsidiary, is responsible for engineering and operations: the company will provide computing power and infrastructure based on renewable energy. Cumberland DRW, as a market maker and trading firm, will ensure access to global liquidity and share expertise in building trading mechanisms and risk management. The parties emphasized in their releases that the project combines Bhutan's "green" infrastructure with capital markets.
Bhutan's Digital Assets and Financial Infrastructure
The partnership aims to create a digital asset ecosystem involving financial infrastructure, payment tools, and institutional development. A key part of the plan is training specialists and strengthening regulatory and operational competencies to enhance the country's readiness to work with digital assets at the state level. Green Digital Ltd will provide technical solutions, including renewable energy-powered data centers, while Cumberland will offer access to trading instruments and liquidity.
Bhutan as a Government Bitcoin Miner
Bhutan is among the first governments to mine bitcoin, utilizing hydropower for mining operations. According to Bitcoin Treasuries, the kingdom ranks seventh worldwide by bitcoin reserves, holding 5,984 BTC valued at over $536 million. These facts highlight Bhutan's role as a state actively involved in digital asset circulation and storage, creating prerequisites for further work on infrastructure and payment products. More on reserve policy and bitcoin allocations can be found in the article about bitcoin reserves.
Diversification of Strategic Reserves
Earlier this year, GMC leadership announced plans to diversify strategic reserves by adding bitcoin, Ethereum, and BNB, reflecting a shift in asset composition. Simultaneously, cooperation with Binance Pay was established in the tourism sector, enabling cryptocurrency payments in some kingdom services. Additionally, the national digital identity system is transitioning from Polygon to Ethereum, indicating a preference for certain blockchain platforms in infrastructure development.
Issuance of Gold-Backed TER Token
In December, GMC issued the gold-backed TER token on the Solana blockchain. This move is part of the overall policy to implement digital assets and create new economic tools for the kingdom. The TER issuance underscores Bhutan's interest in diverse digital instruments and the use of various blockchain platforms within its national strategy.
Why This Matters
If you mine with anywhere from one to a thousand devices in Russia, consider several practical points. First, Green Digital Ltd's involvement and focus on renewable energy confirm that the region is developing capacities oriented toward "green" mining, relevant for assessing competitive environment and energy consumption practices. Second, Bhutan's actions to diversify reserves and adopt multiple blockchains demonstrate that state actors are increasingly engaging with the crypto asset market, potentially impacting liquidity and instruments on international platforms.
What to Do?
- Follow official statements from GMC and Cumberland DRW to understand the scope and specifics of initiatives before making commercial decisions.
- Evaluate energy sources and their costs: projects using renewable energy remain relevant when planning long-term mining operations.
- If you hold crypto reserves, review your storage and diversification strategies—GMC has already expanded assets to BTC, ETH, and BNB.
- Pay attention to changes in payment and identification infrastructure (Ethereum migration, Binance Pay integration) if you use third-party services for payments or identification.
- Subscribe to trusted sources and use official channels to avoid missing regulatory updates and partnership developments.
Frequently Asked Questions
Has an official memorandum been signed between GMC and Cumberland DRW? Yes, GMC and Cumberland DRW signed a memorandum of understanding to develop the digital ecosystem in Gelephu Mindfulness City.
Who leads project implementation on Bhutan's side? Implementation is led by Green Digital Ltd, GMC's subsidiary, which will provide renewable energy-powered computing centers.
How many bitcoins are in Bhutan's reserves? The country holds 5,984 BTC, valued at over $536 million according to the provided data.
