Partnership Announcement
In a significant move towards enhancing its financial landscape, Bhutan has entered into a partnership with Cumberland DRW, formalized through a memorandum of understanding (MoU) announced on Monday. This multi-year collaboration aims to establish a robust digital asset and financial infrastructure in Gelephu Mindfulness City.
Objectives of the Collaboration
The agreement lays the groundwork for joint efforts in:
- Creating a framework for digital assets
- Developing the necessary infrastructure to support digital asset activities
- Investing in artificial intelligence computing
- Optimizing yield from Bhutan’s existing digital asset reserves
Talent Development and Implementation
A vital component of this partnership will be talent development and bolstering institutional capabilities. Local organization Green Digital Ltd., associated with Gelephu Mindfulness City, has been appointed as the primary implementation partner for the agreement. This entity is currently focused on establishing renewable energy-powered computing facilities designed to bolster blockchain networks and associated infrastructure.
Alignment with National Strategy
Bhutan’s approach to digital assets aligns with its broader national strategy, which has already seen the introduction of initiatives such as:
- Hydropower-supported sovereign Bitcoin mining
- Blockchain-based digital identity systems
- Select cryptocurrency payment options tailored for retailers and tourism
Bhutanese officials emphasize that this collaboration with Cumberland DRW is a vital extension of these existing efforts, reflecting the country’s aim to diversify its economy while ensuring governance and sustainability remain central to the ongoing development of Gelephu Mindfulness City.
