3iQ to Manage Bhutan's Bitcoin Reserves for Gelephu Mindfulness City Project
Canadian digital asset manager 3iQ Corp. has been selected to manage a portion of Bhutan's Bitcoin reserves, specifically for the Gelephu Mindfulness City (GMC) project. This initiative involves overseeing 10,000 Bitcoins pledged to fund the development of a new administrative region aimed at becoming a world-class economic hub in southern Bhutan.
3iQ, recognized as Canada’s largest and oldest digital asset fund manager, plans not only to manage these Bitcoin assets but also to invest in local talent and establish a long-term presence in Gelephu. The GMC project, first announced in 2023, is part of Bhutan's broader strategy to diversify its economy beyond traditional sectors like hydropower and tourism.
Pascal St-Jean, CEO of 3iQ, expressed alignment with GMC's vision, emphasizing the importance of attracting global talent while adhering to Bhutan’s cultural and environmental values. Jigdrel Singay, a board director of GMC, highlighted 3iQ's commitment to investing in local capabilities and knowledge transfer.
Bhutan has been accumulating Bitcoin since 2019, and the GMC project represents a strategic use of these reserves. The government envisions the GMC as a hub centered around mindfulness, sustainability, and innovation, akin to El Salvador's Bitcoin City initiative.
FAQ
What is the Gelephu Mindfulness City (GMC) project?
The Gelephu Mindfulness City (GMC) project is an initiative in Bhutan aimed at developing a new administrative region that will serve as a world-class economic hub, focusing on mindfulness, sustainability, and innovation.
Who is managing Bhutan's Bitcoin reserves for the GMC project?
Canadian digital asset manager 3iQ Corp. has been selected to manage a portion of Bhutan's Bitcoin reserves specifically for the GMC project.
How many Bitcoins are being managed for the GMC project?
3iQ will oversee 10,000 Bitcoins that have been pledged to fund the development of the Gelephu Mindfulness City.
What is 3iQ's plan for the Bitcoin assets and local community?
3iQ plans to manage the Bitcoin assets while also investing in local talent and establishing a long-term presence in Gelephu to support the community.
What is Bhutan's broader strategy behind the GMC project?
The GMC project is part of Bhutan's strategy to diversify its economy beyond traditional sectors like hydropower and tourism, utilizing its Bitcoin reserves for sustainable development.
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