New Delhi:
The Himalayan nation of Bhutan is searching for ways to take advantage of Green Cryptocurrency using hydroids to promote its economy and reduce the brain drain, saying the Chief Executive Officer of its sovereign wealth fund.
Green cryptocurrency are digital currencies, which are mined using clean energy resources such as wind, hydro or solar energy instead of fossil fuels.
The capital said that Sandwich between Asian giant India and China, Bhutan has earned millions of dollars by investing in some of the world’s most popular cryptocurrency in recent years and used some of its benefits to pay government salary for two years.
“We are a nation that runs 100% on hydroelectrics, and every digital coin we are in the mine using hydroelectric offsets in Bhutan, mining using fossil fuel,” said the CEO of the fund, Druk Holding and Investment Limited Ujjwal Deep Dahal.
He told Reuters on Tuesday, “Therefore a coin made in Bhutan will contribute to the Green Economy.”
Dahal said that the fund, which controls Bhutan’s only power generation utility, began to add cryptocurrency to its portfolio in 2019, saw virtual currencies as a strategic investment and a gamechanger for the country.
Bhutan is famous for its gross National Happiness (GNH) index, an economic gauge that incorporates the common measures of GDP such as entertainment, emotional welfare and stability.
It uses hydroelectric to operate energy-gazelling supercomputers to create digital assets that can be added to blockchain.
Officials are knowing whether large groups can buy “green” coins of Bhutan to meet their goals on environment, social and governance (ESG) norms.
Dahal said, “Bitcoin has not only given a high value to hydroelectric energy, it has also increased the liquidity in foreign currency,” Dahal said that training the youth of Bhutan in blockchain and AI techniques will give fuel to jobs.
The nation of about 800,000 is struggling with the migration of young, educated people. The government estimates that more than tenth youths demanded greenery pastures between 2022 and 2023, taking unemployment up to 16.5% in that age group in 2024.
Analysts stated that Bhutan’s ambitious plan to become the capital of green digital currency depends on the existing capacity of around 3.5 gW to expand its hydroelectric generation to a capacity of 33 gW.
Dahal said, “We plan to generate 15 gigawatts in the next 10 to 15 years.”
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