In a bid to boost its economy and address brain drain, Bhutan is pioneering the use of green cryptocurrencies. Harnessing its abundant hydropower resources, the Himalayan nation aims to mine digital currencies using clean energy, setting a sustainable precedent in the cryptocurrency world.
The CEO of Bhutan’s sovereign wealth fund, Ujjwal Deep Dahal, emphasized the green impact of the initiative, stating that each digital coin mined using hydropower helps offset coins produced with fossil fuels. This approach has not only added value to the country’s hydropower but also increased foreign currency liquidity through cryptocurrency investments.
Analysts highlight Bhutan’s ambitious plans to expand its hydropower capacity, crucial for positioning itself as a leader in green digital currency. The nation is also keen on training its youth in blockchain and AI, aiming to create jobs and mitigate youth unemployment amid a rising exodus of young professionals.
(With inputs from agencies.)