Bhutan Financial News

Guwahati: Assam chief minister Himanta Biswa Sarma on Saturday said that state is getting closer in becoming a major exporter of petrochemicals as the state has sent first consignment of methanol to Bangladesh. Sarma tweeted, “We are one step closer to establish Assam as a major exporter of petrochemicals. Today, we flagged off the first methanol consignment to Bangladesh from Assam Petrochemical Plant, which was inaugurated by Hon PM in April '23.” Sarma said that government is heavily investing in the petrochemical sector by increasing its stake in Numaligarh Refinery Limited, investing in new projects of Assam Petrochemicals Limited among others.

Banco de la República, Colombia’s central bank, is partnering with Peersyst and Ripple to pilot blockchain technology on the XRP ledger. 

Developed to address multiple use cases including wholesale and retail CBDCs on a private ledger or issuing a stablecoin, the Ripple platform comprises ledger technology, issuer capabilities for minting, distribution, redemption and destruction of tokens, inter-institutional settlement and distribution functions, and end-user wallets. Ripple is currently engaged in CBDC and stablecoin pilots with the Republic of Palau, the Central Bank of Montenegro and the Royal Monetary Authority of Bhutan.

Developed to address multiple use cases including wholesale and retail CBDCs on a private ledger or issuing a stablecoin, the Ripple platform comprises ledger technology, issuer capabilities for minting, distribution, redemption and destruction of tokens, inter-institutional settlement and distribution functions, and end-user wallets. Ripple is currently engaged in CBDC and stablecoin pilots with the Republic of Palau, the Central Bank of Montenegro and the Royal Monetary Authority of Bhutan.

Bhutan, the small Himalayan kingdom, has been quietly accumulating and mining Bitcoin since April 2019. The country of less than 800,000 people is leveraging its abundant hydroelectric power to power its Bitcoin mining operations. Known for its focus on «Gross National Happiness» and picturesque landscapes, Bhutan has found ways to harness its immense hydroelectric potential, which accounts for 30% of its gross domestic product.

Bitdeer have announced plans to raise $500 million to set up crypto mining operations that use the Himalayan kingdom's plentiful hydropower. Huge amounts of electricity are needed to power the vast computer farms that mine for cryptocurrency, leading to heavy criticism of their impact on the climate and a search for greener mining options. Soaring energy costs have also squeezed crypto firms, leading to the birth of several initiatives to find cheaper and more sustainable ways to power their operations in a notoriously risky and volatile industry. The initiative announced on Wednesday by the Bhutan government's investment arm Druk and Nasdaq-listed crypto-mining firm Bitdeer includes the construction of data centres and investment in renewable energy such as hydropower and hydrogen.

According to a recent Forbes report, DHL, the commercial arm of Bhutan's Royal Government, entered the Bitcoin mining industry by purchasing BTC when it was priced at $5,000. 

Nasdaq-listed mining company Bitdeer Technologies Group and Bhutan’s sovereign investment arm Druk Holding and Investments (DHI) have teamed up to create eco-friendly and carbon-free digital asset mining operations in the Kingdom of Bhutan. 

The Kingdom of Bhutan is bullish on Bitcoin (BTC). Following the revelation that the small Himalayan Kingdom of Bhutan has been quietly accumulating crypto, the country is also mining Bitcoin. Moreover, the country of less than 800,000 people leverages green energy to power its Bitcoin mining operations.

United States-based crypto exchange Gemini announced on April 21 the upcoming launch of a derivatives platform outside the U.S. The move comes amid a tightening and uncertain regulatory environment for crypto firms in the country. 

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The Kingdom of Bhutan’s sovereign investment arm, estimated to manage around $2.9 billion in assets, has placed millions of dollars in cryptocurrencies and was a customer of bankrupt crypto firms BlockFi and Celsius.

Ripple may soon unveil positive developments in its central bank digital currency (CBDC) projects, following hints from Ripple CBDC advisor Antony Welfare of more announcements to come. 

XRP and Stellar’s XLM are both among the market’s top 40 cryptocurrencies – and rival siblings too. The link between them is technologist Jed McCaleb, who founded Ripple and then left to co-found the Stellar Development Foundation [SDF].

crypto exchanges and trading platforms have launched promotional campaigns to lure investors. These campaigns are aimed at attracting investors to support declining trading volumes amid steep fall and rising regulatory concerns. ETMarkets.com reached out to various exchanges seeking out information about their giveaways for the crypto users. Here is the complete information about offerings of all the exchanges:OKXThe second-largest crypto exchange in the world, OKX, is set to give away $3 million as a part of the Asia Lunar New Year promotion for participants from Asian countries.

American blockchain company Ripple-affiliated XRP token moves with the market as CEO Brad Garlinghouse announced that the business had just carried out a buyback of Ripple’s series C shares from December 2019, bringing its valuation to USD 15bn.

American blockchain company Ripple-affiliated XRP token moves with the market as CEO Brad Garlinghouse announced that the business had just carried out a buyback of Ripple’s series C shares from December 2019, bringing its valuation to USD 15bn.