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- The Special Economic Zone team of Bhutan recently met with the Oman Investment Authority and Ministry of Foreign Affairs to iron out a cooperation that potentially includes Bitcoin mining.
The Latest Bhutan-Oman Meeting
Bhutan emerged as a surprise entry to the top governments in terms of Bitcoin (BTC) reserves. Last year, crypto exchange and analytics platform Arkham Intelligence confirmed the massive Bitcoin holdings of the kingdom situated in the Eastern Himalayas, which even surpassed El Salvador’s digital asset ownership. From then on, it has been on the cryptocurrency community’s radar.
Today, Oman’s Ministry of Foreign Affairs revealed that it participated in the meeting with Bhutan’s Special Economic Zone team alongside the Oman Investment Authority. Interestingly, the Bhutanese GMC (Gelephu Mindfulness City) project’s CEO, Liew Mun Leong, was also present at the event.
The Oman and Bhutan delegations didn’t provide additional details about what transpired in the meeting. However, Yves Bennaïm, founder and chair of the Swiss non-profit think tank 2B4CH, claimed that the participants discussed reinforcing their mutual commitment toward exploring avenues for potential cooperation, investment opportunities, and partnership in the ongoing development of the GMC project.
Why the Oman and Bhutan Meeting Matters for Bitcoin
GMC happens to be a Special Administrative Region (SAR) envisioned by Bhutan’s King Jigme Khesar. The project’s proponents described it as “an innovative urban development project that integrates economic growth with mindfulness, holistic living, and sustainability.”
While not explicitly mentioned on the project’s website, analysts and project insiders hinted that GMC plans to integrate blockchain technology and digital assets into its infrastructure. After all, the kingdom has already etched itself as one of the powerhouses in Bitcoin mining and has considerable holdings in BTC.
Today, Bhutan’s crypto treasury possesses 8,193 BTC based on Arkham data. This is worth around $647 million at prevailing rates and likely positions the kingdom among the top five Bitcoin-holding governments worldwide.
For Oman, solidifying its partnership with the resource-rich country for Bitcoin mining aligns with its goals. According to Bennaïm, the Middle Eastern sultanate country has been looking to establish itself as one of the top Bitcoin miners in the world.
In fact, the 2B4CH official pointed out that Oman is ambitiously targeting to capture up to 7% of the global Bitcoin mining capacity this year. Hence, if its meeting with Bhutan indeed relates to the matter, it could spell a significant boom for both nations in the incoming digital asset revolution.
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