Gelephu Central Bank: GMC Gets Central Banking Powers
By Best of Bhutan Research Desk · November 2, 2026 · 7 min read
Gelephu Mindfulness City (GMC) now has its own central bank. His Majesty The King has signed a Royal Decree that turns the Gelephu Financial Services Office into the Gelephu Central Bank, BBS reported on 2 November 2026. BBS described the new body as "an autonomous institution with a central banking mandate." The GMC Authority announced the decree the same day.
The decree came one day after more than 40,000 volunteers raised 108 stupas in Gelephu, an event Al Jazeera reported drew about 200,000 people.
In short: the Gelephu Central Bank will run monetary policy, reserves, financial supervision and payment systems inside GMC, the special administrative region in Sarpang on Bhutan's border with Assam. It may hold cryptocurrencies in its reserves. It may also issue a GMC currency, including a digital one, but only with His Majesty's concurrence. Nothing changes for visitors today. The ngultrum and Indian rupee remain the money you use in Bhutan, and visa and SDF rules are unchanged.
Key Facts at a Glance
| Detail | What has been announced |
|---|---|
| New institution | Gelephu Central Bank |
| Announced | 2 November 2026 (BBS and GMC Authority) |
| Start date and leadership | Not yet announced |
| Replaces | Gelephu Financial Services Office (its existing regulator) |
| Legal basis | Royal Decree signed by His Majesty The King |
| Status | Autonomous, with a central banking mandate |
| Area covered | Gelephu Mindfulness City, Sarpang, southern Bhutan |
| Core powers | Monetary policy, foreign reserves, financial stability, supervision, payments and settlement |
| Reserves | May include digital assets and cryptocurrencies alongside conventional assets |
| Own currency | Possible, including a digital currency, with His Majesty's concurrence |
| Jobs advertised | More than 50 positions, open to Bhutanese and international applicants |
What the Royal Decree Does
According to BBS, the decree gives the Gelephu Central Bank these responsibilities:
- Monetary policy for GMC
- Foreign reserve management
- Financial stability
- Regulating and supervising financial institutions in GMC, which the Financial Services Office already did
- Payment and settlement systems
- Liquidity support for institutions when needed
- Developing money and capital markets in the city
Two powers stand out. First, the bank may invest in digital assets and cryptocurrencies as part of its reserves, alongside conventional reserve assets. Second, the decree opens a route for GMC to issue its own currency, including a digital currency, but only with His Majesty's concurrence. BBS did not report any plan or date to do so.
BBS said the aim is to strengthen GMC's financial system and help it develop as an international financial centre that attracts businesses, investors and financial institutions. The bank is recruiting for more than 50 positions in areas including virtual asset supervision, anti-money laundering, banking operations, technology, regulatory policy and macroeconomics.
What has not been announced
- The date the central bank starts operating under its new powers
- Who will lead it
- How it will work alongside the Royal Monetary Authority of Bhutan, the national central bank
- Whether a GMC currency will be issued, and if so when
We will update this post when these details are published.
Why This Matters for Gelephu Mindfulness City
GMC is a special administrative region set up by royal charter in 2024. It is about 240 km south of Thimphu and is today a small town of around 10,000 people, Al Jazeera reported. Its plan rests on attracting investment in sustainable business, green technology, education, tourism and financial services. Our GMC explainer sets out what is confirmed and what is only proposed.
The central bank is the latest step in building a separate financial system for the city. The main steps so far:
- October 2024: GMC introduced Ter, a gold-backed digital token on a blockchain, Business Bhutan reported.
- January 2025: GMC said it would add Bitcoin, Ethereum and BNB to its strategic reserves, according to Bankless Times.
- December 2025: Bhutan pledged up to 10,000 bitcoin from national holdings to support GMC's development, CoinDesk reported.
- January 2026: GMC businesses stayed under the Bhutan Sales Tax rather than the new national GST for now, Business Bhutan reported.
- May 2026: GMC launched fast-track licensing for crypto and fintech firms already regulated in hubs such as Singapore, Hong Kong and Abu Dhabi, with DK Bank as its official banking partner, Cointelegraph reported.
- 2 November 2026: the Gelephu Financial Services Office becomes the Gelephu Central Bank.
Bhutan mines bitcoin with surplus hydropower and plans to use digital assets to support the city's development, according to Al Jazeera. Analysts quoted in the same report question whether Bhutan can attract enough investment.
What It Means for Travellers
For a trip to Bhutan in 2026 or 2027, very little changes. Here is the practical position.
Money in Bhutan today
- Use ngultrum or Indian rupees. The ngultrum (Nu) is Bhutan's currency, pegged 1:1 to the Indian rupee, and rupee notes are widely accepted. See our Bhutan facts page for more. No GMC currency exists for visitors to use.
- Your tour price and SDF do not change. The decree does not touch the Sustainable Development Fee or visa rules. Our SDF Tracker shows the current rate.
- Crypto payments already exist, but are optional. Since May 2025, visitors with a Binance account can pay some tourism costs in crypto, including flights, the visa and SDF, hotels and guides, at merchants signed up through DK Bank, The Bhutanese reported. This is separate from the new central bank. Cash and cards remain the normal way to pay.
Visiting Gelephu
- Gelephu is reachable by road from the rest of Bhutan and from Assam through the Gelephu land border. Our Gelephu border crossing guide covers the crossing, and the Gelephu place guide covers the town.
- There are no international flights to Gelephu yet. All international flights land at Paro. Gelephu International Airport is targeted to open in December 2029; see our airport update.
- The 108 stupas are now a new sight in GMC. Read our Project 108 background if you plan to visit the riverbank site.
What could change later
If GMC does issue its own currency, it could matter for people who live, work or do business in the city. It is too early to say whether visitors would ever need it. Treat any claim online about a "Gelephu currency for tourists" as unconfirmed until the Gelephu Central Bank or the Royal Monetary Authority publishes rules.
Related Planning Pages
- Gelephu Mindfulness City, explained
- Gelephu International Airport: airfield contract awarded
- Gelephu Hatisar border crossing
- Bhutan visa guide — entry points, clearance and fees
- How much does a Bhutan trip cost?
Frequently Asked Questions
What is the Gelephu Central Bank?
It is the central bank for Gelephu Mindfulness City, created by a Royal Decree announced on 2 November 2026. It replaces the Gelephu Financial Services Office and has powers over monetary policy, reserves, financial stability, supervision and payment systems in GMC.
Will Gelephu Mindfulness City have its own currency?
Possibly. The decree allows GMC to issue its own currency, including a digital one, with His Majesty's concurrence. No plan or date has been announced. GMC has already introduced Ter, a gold-backed digital token, which Business Bhutan reported in October 2024.
Does the Gelephu Central Bank replace the Royal Monetary Authority?
No. The Royal Monetary Authority of Bhutan remains the national central bank. The Gelephu Central Bank covers GMC only. How the two will coordinate has not been published.
Can tourists pay with cryptocurrency in Bhutan?
Yes, at participating merchants. Since May 2025, Binance Pay users can pay for some tourism services, including the visa, SDF, hotels and guides, through a system settled by DK Bank. It is optional. Most visitors pay their tour operator by bank transfer or card.
Do I need a different currency to visit Gelephu?
No. Visitors to Gelephu use the ngultrum or Indian rupee, as in the rest of Bhutan. Nothing announced on 2 November changes that.
Sources
- BBS, "Gelephu to establish its own central bank with expanded financial powers," 2 November 2026 — bbs.bt/248275
- Gelephu Mindfulness City Authority, "His Majesty The King empowers Gelephu Central Bank, new milestone for GMC's financial future," 2 November 2026 — gmc.bt
- Al Jazeera (AFP), "Tens of thousands build 108 Buddhist stupas for Bhutan 'mindfulness' city," 2 November 2026 — aljazeera.com
- Cointelegraph, "Bhutan's Gelephu speeds licensing, banking access for crypto firms," 12 May 2026 — cointelegraph.com
- Business Bhutan, "Gelephu Mindfulness City not in GST framework currently," 7 January 2026 — businessbhutan.bt
- CoinDesk, "Bhutan pledges $1B in bitcoin to support Gelephu Mindfulness City development," 17 December 2025 — coindesk.com
- The Bhutanese, "Bhutan and Binance Pay partner to launch world's first national-level crypto tourism payment system," May 2025 — thebhutanese.bt
- Bankless Times, "Bhutan's Gelephu Mindfulness City to integrate Bitcoin, Ethereum and BNB into strategic reserves," 8 January 2025 — banklesstimes.com
- Business Bhutan, "'Ter': The new currency at GMC," 8 October 2024 — businessbhutan.bt
Planning a trip that includes southern Bhutan and Gelephu? Talk to us — we can build the route by road today and keep you posted on changes at GMC.