Bhutan signed a memorandum of Mnemonics with Cumberland DRW to develop a digital asset ecosystem at Gelephu Mindfulness City, including Bitcoin reserve management, stablecoin research, and renewable energy-powered AI infrastructure.
Bhutan has just signed a multi-year Memorandum of Mnemonics (MoU) with cryptocurrency market maker Cumberland DRW to collaborate on building digital asset infrastructure at Gelephu Mindfulness City (GMC), marking a new step in the Himalayan nation's long-term, sustainability-focused cryptocurrency strategy. This move further strengthens Bhutan 's position as one of the pioneering countries in integrating digital assets into its national economic development strategy.
According to a statement sent to Cointelegraph, the special administrative region said the partnership aims to support Bhutan's vision of developing a modern digital economy that aligns with the country's environmental and governance values. Jigdrel Sinngay, a member of the GMC board of directors, said the collaboration includes Cumberland assisting in managing Bhutan's Bitcoin reserves, establishing a presence at GMC, and recruiting local personnel. The market maker will also deploy specialized experts to develop the local workforce.
Building a comprehensive cryptocurrency asset ecosystem.
Cumberland, the digital assets arm of Chicago-based trading firm DRW, is one of the largest institutional LP in the crypto market. The company has been operating in this sector since 2014 and serves global institutions in both spot and Derivative markets.
According to the MoU, Cumberland and Bhutan aim to research and develop a national crypto asset ecosystem, including modern financial frameworks, sustainable mining and artificial intelligence computing capabilities, yield generation, and stablecoin infrastructure.
This initiative is led by Green Digital, a digital infrastructure company affiliated with GMC. The company is developing renewable energy computing facilities and is tasked with ensuring that the development of digital assets aligns with Bhutan’s broader economic sustainability and diversification goals. GMC is a special administrative region in Bhutan designed to attract global talent while integrating technology, sustainable development, and a mindful development philosophy.
Donald R. Wilson, founder of DRW, said Bhutan's clear vision and emphasis on sustainable development make it a natural partner for responsible and forward-looking innovations. However, the agreement is currently in the form of a memorandum of Mnemonics, only identifying areas of cooperation rather than binding commitments and not guaranteeing the implementation of specific infrastructure.
Bhutan is one of the earliest countries in the world to mine Bitcoin at the sovereign level, leveraging its surplus hydropower to accumulate national Bitcoin reserves through renewable energy. The country operates on a Gross National Happiness (GMC) model, emphasizing collective well-being over pure economic growth. Bhutan has also integrated digital assets into its GMC strategic reserves, enabling cryptocurrency payments in tourism and commerce, and launched TER, a state-backed digital Token linked to physical gold.
