Bhutan signed a multi-year memorandum of understanding (MoU) with crypto market maker Cumberland DRW to collaborate on building digital asset infrastructure in Gelephu Mindfulness City (GMC), deepening the country’s long-term, sustainability-focused crypto strategy.
In an announcement 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 its environmental and governance values.
Jigdrel Singay, board director of Gelephu Mindfulness City, said the collaboration includes Cumberland supporting their Bitcoin (BTC) reserve management, establishing a presence in the GMC and hiring local talent. The market maker will also deploy subject-matter experts to develop the local workforce.
The GMC is a special administrative region in Bhutan designed to attract global talent while integrating technology, sustainability and mindful development.
Source: GMCBhutan
Exploring the development of a national digital asset ecosystem
Cumberland, the digital asset arm of Chicago-based trading firm DRW, is one of the biggest institutional liquidity providers in crypto markets. The company has been active in the space since 2014 and services global institutions across spot and derivatives markets.
Under the MoU, Cumberland and Bhutan aim to explore the development of a national crypto ecosystem, which includes modern financial frameworks, sustainable mining and artificial intelligence compute, yield generation and stablecoin infrastructure.
The initiative is being led by Green Digital, a GMC-linked digital infrastructure company developing renewable-energy-powered computing facilities. The company is tasked with aligning digital asset development with Bhutan’s broader sustainability and economic diversification goals.
Bhutan operates with a Gross National Happiness (GNH) model, which emphasizes collective happiness over economic growth. The concept is central to Bhutan’s national identity.
“Bhutan’s clarity of vision and emphasis on sustainable development make it a natural partner for responsible and forward-looking innovation,” said DRW founder Donald R. Wilson. “We are honored to support Bhutan as it builds the foundations of a modern digital economy.”
The agreement remains an MoU, which means that it outlines areas of cooperation rather than binding commitments. It doesn’t guarantee that specific infrastructure will be deployed.
Related: How Bhutan plans to boost its local economy with crypto tourism
Bhutan dives deeper into digital asset ecosystem
Bhutan is one of the world’s earliest sovereign Bitcoin miners, using surplus hydropower to accumulate a national Bitcoin reserve through renewable energy.
Bhutan has also integrated digital assets into the GMC’s strategic reserves, enabled crypto-based payments across tourism and merchant services and launched TER, a sovereign-backed digital token linked to physical gold.
Taken together, Bhutan’s initiatives position the country as a rare example of a state treating Bitcoin, stablecoins and blockchain infrastructure as long-term economic tools rather than speculative experiments.
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