Gambling to develop: A small, landlocked economy takes the plunge | Brookings
Bhutan is attempting to rapidly grow its economy by leveraging hydropower, tourism, cryptocurrency mining, and a new special administrative region.Summary
Bhutan, a small, landlocked nation in the Himalayas, is striving to accelerate its economic growth to achieve high-income status by 2034. Traditionally relying on hydropower, tourism, and minerals, Bhutan is now pursuing more unconventional strategies, including cryptocurrency mining and the development of Gelephu Mindfulness City (GMC), a special administrative region modeled after Singapore. The country has invested heavily in cryptocurrency mining, generating substantial revenue and even launching a sovereign-backed digital token. While these initiatives offer potential, they are also risky, relying on the continued success of the cryptocurrency market, attracting foreign investment to GMC, and maintaining stable river flows for hydropower generation. Bhutan’s ambitious plan represents a significant gamble, but if successful, could offer a model for other developing nations seeking innovative growth strategies.
(Source：Brookings)