Bhutan has reached a new milestone in its blockchain adoption strategy by announcing the launch of a sovereign gold-backed token on the Solana blockchain. This initiative aims to modernize the country’s economy with a digital financial system and enhance its presence in the global crypto market. The token will be issued by Bhutan’s central bank and pegged to the actual price of gold, allowing investors to enjoy the benefits of gold investment in a digital format. This will enable Bhutanese citizens and international investors to buy, sell, and securely store gold while leveraging the transparency and speed of blockchain technology. Recently, Bhutan has also begun accumulating Bitcoin reserves and established hydropower-driven Bitcoin mining operations, enabling cryptocurrency production using renewable energy. Additionally, the integration of Binance Pay into the financial system promotes digital payments, reflecting the government’s strategy to boost cryptocurrency adoption. Solana was chosen for its fast and low-cost transaction capabilities, making it a key platform in the crypto market. Through the sovereign gold-backed token, Bhutan seeks to strengthen its position in the global financial system and prepare its economy for the digital era. While this project is expected to benefit Bhutan’s economy, investors should exercise caution due to the volatile nature of cryptocurrency markets. Furthermore, global financial policies and regulatory frameworks may influence the token’s success or failure.
Source: decrypt
