Crypto: Bhutan To Deploy Sei Validator In Q1, Eyes Tokenization Collab

Bhutan is adding to its growing list of blockchain initiatives. It already runs a Bitcoin mining operation and also launched a self-sovereign ID system powered by Ethereum.

The Kingdom of Bhutan is set to deploy and run a Sei Network validator in Q1, the latest addition to the country’s digital transformation push.

The validator will be spun up in a collaboration between the Sei Development Foundation and Druk Holding and Investments (DHI) technology division — the primary sovereign wealth fund and holding company of Bhutan.

Phuntsho Namgay, the head of DHI’s department of Innovation and technology, said the wealth fund plans to continue exploring other opportunities with the Sei Development Foundation as part of its digital transformation goals.

Validators are a critical component for proof-of-stake networks; they help secure the network, validate transactions and blocks, and can vote on protocol upgrades.

Eleanor Davies, the science and innovation lead at Sei Development Foundation, said some of the other projects and collaborations with Bhutan on the horizon could include tokenization.

Related: How Bhutan is building a green Bitcoin economy from the ground up

“Our collaboration is a significant investment in national blockchain adoption, further expands Sei’s global validator footprint, and will set the stage for us to partner on innovative projects like payments, tokenization, and personal identification into the future,” she said.

Bhutan has quietly become a leader in crypto adoption in recent years. As part of its blockchain-based initiatives, its nearly 800,000 residents can verify their identities and access government services through a self-sovereign ID system powered by Ethereum.

The nation also has the fifth-largest stash of Bitcoin among countries, most of which has come from mining. Bitbo estimates that the kingdom holds around 11,286 coins, worth over $1 billion, some of which it has earmarked to help build its special administrative region, the Gelephu Mindfulness City.

Source: CoinTelegraph