Singapore firm Blockchain Monk signs pact with the Government of Bhutan to roll out blockchain technologies in the Himalayan Kingdom


February 11, 2022

BlockchainMonk Singapore recently has recently signed a Memorandum of Understanding (MoU) with Bhutan’s central bank and financial regulator Royal Monetary Authority of Bhutan, Blockchain Asset Review has learned.

As per this MOU, BlockchainMonk will assist the government of Bhutan and its various departments to unlock the true value of blockchain technologies and mitigate the risks caused by digital assets.

“Bhutan has tremendous potential to become a role model nation in the SAARC region with regards to Blockchain Technologies,” said Karthik Iyer, founder and head of research for Blockchain Monk.

The firm is currently exploring three areas where Blockchain Monk and RMA can collaborate to unlock value in the Himalayan Kingdom, he said.

Being the only carbon-negative country in the world, Bhutan, under the leadership of a visionary king, can tap into its green status to tokenize carbon and become the carbon trading hub for the South Asian Association for Regional Cooperation (SAARC) region.

Secondly, BlockchainMonk will advise the RMA on the possible design options of Central Bank Digital Currencies (CBDCs) and their use cases for the Himalayan Kingdom.

Bhutan has excellent human capital especially in the realm of fashion, art, music and entertainment and BlockchainMonk is working with the government to explore options to help talented entrepreneurs in the country to tap into latest technologies such as NFT’s.

Finally, BlockchainMonk has, directly and indirectly, advised and guided various governments in the past with regards to Blockchain regulations, and it will leverage that experience to work closely with the RMA in Bhutan to draft a forward-looking blockchain law that will create large employment opportunities for its citizens and in the same time mitigate risks related to digital Assets.

Iyer said that as a firm that has been involved in the industry since its inception, the company has assisted many governments and large corporations around the world for over half a decade to unlock the true value of distributed ledger technologies.

He said he is very impressed as an organization by the leadership of Bhutan. “I think the openness of the government to explore the state of the art technologies to serve people better is something that many other small nations can assimilate and benefit from, and we are glad to be working with this great Himalayan kingdom and hope to enrich the lives of its citizens,” he added.

Image: Wikimedia Commons

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