Bhutan’s Embrace of Cryptocurrency
The kingdom of Bhutan has made a significant move into the cryptocurrency realm, embracing Ethereum as a dual tool for financial transactions and digital identity. On October 13, 2025, the country made history by introducing its national digital ID system on the Ethereum blockchain, thus becoming the first nation to adopt such technology on this platform.
At this groundbreaking event, Aya Miyaguchi, the CEO of the Ethereum Foundation, alongside Vitalik Buterin and members of the Bhutanese royal family, celebrated a milestone that emphasizes the importance of building sustainable systems that empower citizens.
Investment in Ethereum
Following the launch of the digital identity initiative, Bhutan’s Royal Government reported staking approximately 320 ETH, which is equivalent to around 970,000 dollars, in a move facilitated by Arkham’s blockchain data. The funds were transferred from a designated wallet identified as belonging to the Royal Government of Bhutan to a staking address managed by the crypto firm Figment. This investment further cements Bhutan’s commitment to integrating cryptocurrency into its national framework.
In addition to the staked amount, Arkham’s analytics suggest that the same wallet still retains approximately 1.02 million dollars in Ethereum, which remains available for future staking opportunities should the government decide to expand its investments. The management of Bhutan’s digital assets, including Bitcoin and other cryptocurrencies, is overseen by Druk Holding and Investments, the state-owned investment vehicle.
Reflections on Digital Identity
Miyaguchi reflected on her visit to Bhutan in May 2024, recognizing the shared values that the digital ID project represents, especially in relation to self-sovereignty and individual control over personal credentials. She noted that as this rollout occurs during Ethereum’s tenth anniversary, it showcases a tangible application of the platform’s foundational ideas.
Market Dynamics of Ethereum
As the digital ID migration is projected to be finalized by early 2026, Ethereum itself has experienced noteworthy fluctuations in the market. On November 27, 2025, the price of ETH rebounded from a support level around 3,000 dollars after briefly dipping into the green demand zone established from previous months’ lows. Following a swift recovery, Ethereum prices climbed to approximately 3,071 dollars, suggesting that the cryptocurrency is maintaining a stable structure above crucial support levels, with the next resistance target set at around 3,200 dollars.
The rebound highlights a significant liquidity area rather than being influenced by any new influx of staking or purchases, indicating a strategic market behavior as ETH shows resilience after hitting lower swings from its September highs of near 4,700 dollars.
Conclusion
In conclusion, Bhutan’s pioneering adoption of Ethereum for both public identity and financial engagement aligns with its aspirations for modernization and self-sovereignty, marking a pivotal moment in the intersection of government and blockchain technologies.
