Bhutan is going all-in on crypto, the city is called the Geluphy Mindfulness City. They mined their first Bitcoin in 2018, using clean hydropower, years before most governments knew what a blockchain was. Now the Himalayan kingdom of under a million people is building something no other country has attempted: a special administrative region roughly seven times the size of Singapore, with its own regulator, its own licensed bank, and a mandate to become the financial gateway for two billion people across South Asia.
Jigdrel Singay sits on the board of the Gelephu Mindfulness City Authority (GMCA), the body building what it calls “two systems, one country” out of the Bhutanese lowlands bordering India. Yu Dong Zheng runs DK Bank, the only bank licensed to operate inside the zone, built from day one to hold fiat and crypto in the same account, something most “crypto-friendly” banks still won’t do.
We cover:
Why GMCA calls itself “two systems, one country,” and what makes it legally separate from the rest of Bhutan The “Hong Kong for China, Singapore for Southeast Asia” pitch, and why South Asia’s 2 billion people don’t have a financial hub yet Bhutan has been mining Bitcoin with hydropower since 2019, years before most sovereign states paid attention Cheap, undocumented labor built Dubai. What builds a five-story-max Buddhist mindfulness city instead? Why Bhutan has no diplomatic relations with any of the five permanent UN Security Council members “We scan the wallet”: how DK Bank monitors on-chain and off-chain flows to keep bad actors out Will there ever be a “Bhutan coin”? Yu Dong Zheng’s answer: “Anything tactically is possible” “What if Bitcoin goes down and never comes back?” A banker’s contrarian answer Won’t two billion potential visitors turn Gelephu into another Delhi or Mumbai? The digital nomad visa program, still being tested, and why it isn’t rolling out to everyone yet Rent, groceries, cheeseburgers and Starlink: what life actually costs there right now
GUESTS: Jigdrel Singay: Board Member and Digital Assets & Fintech Lead for the Gelephu Mindfulness City Authority (GMCA). Previously advanced blockchain and Web3 programs at Druk Holding & Investments, Bhutan’s sovereign wealth fund, and sits on the Board of the Royal Stock Exchange of Bhutan.
Yu Dong Zheng (”YD”): CEO of DK Bank, the only bank licensed to operate inside Gelephu Mindfulness City, jointly regulated with Bhutan’s Royal Monetary Authority.
RESOURCES & LINKS: Gelephu Mindfulness City: https://www.gmc.bt
DK Bank: https://www.digitalkidu.bt
MORE OF JIGDREL SINGAY: LinkedIn: https://www.linkedin.com/in/jigdrelsingay/
GMC bio: https://gmc.bt/people/Jigdrel_Singay
MORE OF YU DONG ZHENG: LinkedIn: https://www.linkedin.com/in/zhengyudong/
DK Bank on LinkedIn: https://bt.linkedin.com/company/dkbank
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00:00 - Cold open: does the world need another Dubai?.
00:54 - Meet the GMCA board member and DK Bank’s CEO, and why South Asia’s 2 billion people don’t have a financial hub yet.
03:22 - “Two systems, one country”: Buddhism, mindfulness, and how the king got Bhutan to back a crypto free zone.
07:29 - Speed without skipping oversight: inside the regulator, and Bitcoin mining since 2019.
10:44 - Cheap labor built Dubai. Citizenship, mining targets, and Bhutan’s zero diplomatic ties with the UN Security Council.
19:02 - Setting up a crypto company: compliance, licensing, and solving de-banking.
24:15 -Will there ever be a “Bhutan coin”? DK Bank’s roadmap, and what if Bitcoin never goes back up.
31:15 - What Bhutan can teach the world about mindful growth.
35:02 - Won’t two billion people turn Gelephu into another Delhi? The digital nomad program.
41:54 - The real cost of living, cheeseburgers and Starlink, and why choose Bhutan over Dubai, Bali or Miami.
All of Jigdrel’s and YD’s links will be in the description. Make sure to like, comment, and share, and I’ll see you in the next one.
