A Remote Himalayan Kingdom Bet Big on Bitcoin Mining. So Far, It Has Paid Off.
THIMPHU, Bhutan—The tiny Himalayan kingdom of Bhutan is best known for its stunning landscapes and national happiness index. Lately it has earned a new reputation: crypto pioneer.
Bhutan now boasts a stash of bitcoins worth $1.3 billion, or roughly 40% of the country's gross domestic product, according to cryptocurrency platform Arkham. It is the third-largest such stockpile held by governments, according to Arkham.
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Universal Credit and PIP cuts halted as Starmer announces benefits U-turn
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We should be building a system that lifts people up — not taking vital support away from those who need it most. — Imran Hussain MP (@Imran_HussainMP) June 26, 2025 'This package will preserve the social security system for those who need it by putting it on a sustainable footing, provide dignity for those unable to work, supports those who can and reduce anxiety for those currently in the system. 'Our reforms are underpinned by Labour values and our determination to deliver the change the country voted for last year.' The Government's original package restricted eligibility for the personal independence payment (Pip), the main disability payment in England, and limited the sickness-related element of universal credit. The PIP Cuts DWP Welfare Bill must be pulled. I've signed an amendment to the Bill alongside 100+ calling for a pause and rethink. The Government must #PullTheBill and #StopTheCuts to #PIP#York — 💙Rachael Maskell MP (@RachaelMaskell) June 25, 2025 Existing claimants were to be given a 13-week phase-out period of financial support in an earlier move that was seen as a bid to head off opposition by aiming to soften the impact of the changes. In her letter, the Work and Pensions Secretary said: 'We recognise the proposed changes have been a source of uncertainty and anxiety. 'We will ensure that all of those currently receiving PIP will stay within the current system. The new eligibility requirements will be implemented from November 2026 for new claims only. 'Secondly, we will adjust the pathway of Universal Credit payment rates to make sure all existing recipients of the UC health element – and any new claimant meeting the severe conditions criteria – have their incomes fully protected in real terms.' She said a ministerial review would ensure the benefit is 'fair and fit for the future' and will be a 'coproduction' with disabled people, organisations which represent them and MPs. 'These important reforms are rooted in Labour values, and we want to get them right,' she said. The change in Pip payments would protect some 370,000 existing claimants who were expected to lose out following reassessment. If the legislation clears its first hurdle on Tuesday, it will then face a few hours' examination by all MPs the following week – rather than days or weeks in front of a committee tasked with looking at the Bill. The so-called 'reasoned amendment' tabled by Treasury select committee chairwoman Dame Meg Hillier had argued that disabled people have not been properly consulted and further scrutiny of the changes is needed. She said: 'This is a good deal. 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'The only way to avoid a catastrophe today and in the future is to stop the cuts altogether by halting the Bill in its tracks.' Recommended reading: Labour MPs rebel over DWP disability benefits cuts HMRC urging parents to claim £2,000 tax-free childcare Child Trust Funds worth £1.4bn in unclaimed accounts The Tories described concessions as 'the latest in a growing list of screeching U-turns' from the Government. Shadow chancellor Mel Stride said: 'Under pressure from his own MPs, Starmer has made another completely unfunded spending commitment. 'Labour's welfare chaos will cost hardworking taxpayers. 'We can't afford Labour.'
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35 minutes ago
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