Bhutan’s Gelephu Central Bank cleared to hold crypto in reserves

Bhutan’s Gelephu Mindfulness City has received royal approval for a central bank empowered to invest in cryptocurrencies alongside traditional reserve assets. Summary A Royal Decree grants central banking powers to the Gelephu Financial Services Office. The mandate covers digital asset investments, monetary policy, and foreign reserve management. GMC previously announced plans for Bitcoin, Ether and BNB reserves, followed by a pledge of up to 10,000 BTC. The region appointed 3iQ in July to manage a mandate backed by part of its Bitcoin treasury. Gelephu Mindfulness City listed the royal approval in a Nov. 2 announcement, while Bhutan’s public broadcaster BBS reported that King Jigme Khesar Namgyel Wangchuck signed the decree granting the financial regulator comprehensive central banking powers. The Gelephu Financial Services Office will transition into the autonomous Gelephu Central Bank. Its responsibilities will combine supervision of financial institutions with monetary policy, management of foreign reserves, and financial stability within the special administrative region. The authorization covers investment in digital assets and cryptocurrencies. The reported mandate does not ...