The special administrative region of Glib Mindfulness City (GMC) in Bhutan announced on Wednesday the launch of a sovereign gold-backed digital token called TER.
According to GMC's announcement, the physical gold deposits will be held by DK Bank, a digital asset bank regulated by the Bhutanese government, and issued on the Solana blockchain network.
Matrixdock, as the technology partner, is responsible for tokenizing the physical assets on the blockchain.
In the first phase, these tokens will be held in custody by the bank, with a specific launch date yet to be determined. The announcement stated, "The process of purchasing TER tokens is designed to be as secure and convenient as buying physical gold from major financial institutions."
Cointelegraph has reached out to representatives of DK Bank and GMC, but has not received a response as of the time of publication.
GMC stated in the announcement that the launch of a tokenized gold product with sovereign backing is a hedge strategy against currency inflation in the digital age and an important step in the country's blockchain adoption strategy.
The Bhutanese government has fully embraced cryptocurrency and blockchain technology, viewing it as a means to modernize the national payment system and promote tourism, with the goal of creating a regional cryptocurrency hub.
Since 2019, Bhutan has been utilizing hydropower to mine Bitcoin (BTC), and according to data from Arkham Intelligence, the country holds nearly 6,000 BTC, valued at over $540 million at the time of writing.
In January of this year, GMC announced the establishment of a digital asset reserve that includes BTC, Ether (ETH), and BNB, later expanding to include a small amount of meme coins and other altcoins.
In May of this year, Bhutan reached a strategic partnership with DK Bank and Binance Pay to provide tourists with a convenient way to pay for hotels, guides, and tickets using over 100 cryptocurrencies.
Currently, more than 1,000 businesses in Bhutan accept cryptocurrency payments through partnerships with Binance Pay and DK Bank.
Damcho Rinzin, Director of the Bhutan Tourism Department, stated that adopting cryptocurrency payments effectively addresses the long-standing challenges faced by the country's tourism industry due to a lack of robust payment infrastructure.
Related: Belarus blocks ByBit, Bitget, OKX, while Russia strengthens regulation of the cryptocurrency gray area.
Original text: “Bhutan Bets on Gold, Announces Launch of Sovereign-Backed RWA Token”
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