Bhutan has taken another step in its digital modernization strategy with the launch of TER, a gold-backed cryptocurrency running on the Solana Network.
The initiative, announced in the past few hours, comes from the Gelephu Mindfulness City (GMC) Special Region, a Bhutanese administrative region seeking to attract global investment. It was presented as a proposal that incorporates the characteristics of on-chain assets. They are digital storage, the possibility of international remittances, and real-time ownership verification.
The issuance of tokens is carried out under the framework of national sovereignty, I will receive technical support for Matrixdock. The company specializes in tokenizing real-world assets (RWA).
The company publicly celebrated the launch, emphasizing that the initiative aims to instill confidence and provide access to the true value of gold.
Distribution and storage of TER will be handled by DK Bank.. In the first stage, investors can acquire tokens directly through the entity.
This development adds to Bhutan’s other recent moves in digital assets. And as reported by CriptoNoticias, in recent weeks the government allocated 320 ETH to validators on the Ethereum network as part of the process of strengthening crypto reserves. This decision complements mining activities that began in 2019.
Additionally, the Himalayan kingdom has also strengthened its digital infrastructure with an Ethereum-based national identification system. It uses zero-knowledge proofs to verify personal information without exposing users’ data.
