Bhutan’s Prime Minister, Tshering Tobgay, has revealed that the country’s growing Bitcoin (BTC) reserves are being used to fund public services, including civil servant salaries and healthcare programs.
With holdings of 13,029 BTC, valued at over US$1.1 billion, Bhutan has become one of the largest Bitcoin holders globally, ranking fifth among countries that hold the cryptocurrency.
“We have used Bitcoin to provide free healthcare and support environmental initiatives, but that’s just a small part. The primary use of Bitcoin is to finance civil servant salaries,” Tobgay stated in an interview with Al Jazeera on Thursday (06/03).
Bhutan initiated Bitcoin mining operations in 2019, leveraging its abundant water resources to generate hydroelectric power. This strategy not only generates additional revenue but also addresses income challenges in the manufacturing sector.
With the growing interest in cryptocurrencies, Tobgay encourages other governments to consider Bitcoin’s potential as a tool for building economic resilience. He noted that many individuals have already profited from Bitcoin investments and suggested that more countries follow Bhutan’s lead in adopting digital assets.
In addition to Bitcoin, Bhutan is also exploring the potential of other digital currencies like Ethereum (ETH) and BNB, which have been designated as strategic reserve assets for the new administrative region, Gelephu Mindfulness City.
