Latest news with #GrossNationalHappiness
Yahoo
13-05-2025
- Business
- Yahoo
‘Size does not matter': Bhutan's tiny sovereign wealth fund banks on green energy and Bitcoin
Bhutan, the small landlocked country wedged between India and China, is perhaps best known for 'Gross National Happiness,' the alternate measure that the country claims gives a fuller understanding of economic development than GDP. But the country wants to be known for more than just spiritual tourism and Himalayan mountains. Bhutan now hopes to attract foreign investment, foster new industries, and enter the global economy. It's a steep hill to climb for the isolated Himalayan country, which has recently grappled with a brain drain problem as young Bhutanese travel abroad for new opportunities. 'Geography is a challenge for us, demography is a challenge for us,' said Ujjwal Deep Dahal, CEO of Druk Holdings and Investments (DHI), Bhutan's sovereign wealth fund. Bhutan and DHI need to 'learn to engage with the world as we move,' he added. Yet Bhutan and its sovereign wealth fund–tiny by global standards–hope to leverage the country's strengths, including cheap and widespread hydropower, which in turn can feed investments in data centers and Bitcoin mining. Key to the country's plan is the Gelephu Mindfulness City, a new zone to connect Bhutan with businesses in South and Southeast Asia. The most prominent sovereign wealth funds—like those from Norway, Saudi Arabia or Singapore—are gigantic global investors. These funds move hundreds of billions of dollars of funds, garnered from pensions, natural resources or foreign exchange reserves, to seek high returns and invest in strategic industries. DHI is smaller compared to these global giants. A lot smaller. Founded in late 2007, DHI has around $3 billion in assets under management, and owns stakes in 24 different Bhutanese companies. By comparison, Singapore's Temasek has $300 billion in assets under management, with stakes in the country's most prominent companies, like Singapore Airlines and DBS. But Dahal sees opportunity in DHI's small size. 'Size does not matter,' he said; instead, DHI can focus on 'efficiency and how we grow.' Still, he sees Temasek as a role model for DHI. 'We look at Temasek to a large extent, in terms of governance, in terms of divestments. But having said that, Bhutan's economy and Singapore's are completely different,' Dahal said. 'We need to look at running DHI in a way that's complementary to the challenges.' Bhutan calculates Gross National Happiness through a survey of 300 questions administered every few years. The most recent GNH index, released in May 2023, reported a score of 0.781 for 2022, higher than the 0.743 reported in 2010. The country's GDP per capita grew from $2,435 to $3,711 over the same period—yet experienced a steep decline in 2020, the height of the pandemic. Pessimism about the economy has meant that the country, with a population of less than 800,000, is currently going through a brain drain. Around 13,500 Bhutanese, equal to 1.6% of the country's entire population, moved to Australia in 2023. The country, which is still mostly covered in forest, has battled declining income, a lack of job opportunities, and rising youth unemployment. Tourism is one of Bhutan's main sources of income, but has yet to recover from the COVID pandemic. The country reported 145,000 tourist arrivals last year, less than half of the 315,599 arrivals recorded in 2019. The country also has a mixed view of the tourism industry, promoting a 'high-value, low-impact' tourism model to avoid stressing the country's infrastructure. DHI manages several firms that are key to the country's economy, like Bhutan Power Corporation, Bank of Bhutan, and Bhutan Telecom. And Dahal thinks DHI can be a platform to carve out a niche for Bhutan in today's AI and internet economy. For example, Dahal, who has a background in engineering and hydropower, hopes that Bhutan can be a place where green energy firms can explore 'interesting technologies,' like pump storage and hydrogen power, and test their commercial viability. 'We can quickly test it out in Bhutan, solve the problem in Bhutan and take it global or regional,' Dahal argued. He's particularly focused on hydropower, now Bhutan's major source of electricity generation. Bhutan currently has 2.5 gigawatts of current capacity, and an additional 3 gigawatts under construction. DHI's also making some more unconventional bets. Bhutan is one of the world's largest sovereign holders of Bitcoin. The country started mining the cryptocurrency back in 2019, when it was worth just under $10,000. It's now worth around $97,000 as of May 7, 2025. Bitcoin mining is normally energy intensive, but Dahal claims that Bhutan's crypto mining, due to its use of hydropower and other green energy, helps offset carbon emissions elsewhere. 'Bitcoin is a parallel to digital gold,' Dahal said, noting that the country's cryptocurrency strategy is part of a diversified approach for alternative investments. DHI, as Bhutan's investment arm, is also supporting the development of Gelephu Mindfulness City, a special administrative region that hopes to be an economic corridor to South and Southeast Asia. The City, which spans about 2,500 square kilometers, tries to combine economic growth with sustainability and holistic living, and offers space to businesses like healthcare, technology, and green energy. 'We're trying to bring an innovation strategy into DHI to build startups with global founders, academicians and innovators, and bring them together to build a startup culture and economy,' Dahal said. 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Time Business News
09-05-2025
- Business
- Time Business News
If AI Can Work Smarter, Why Are We Still Working Ourselves Into the Ground?
The promise of artificial intelligence in the workplace has always sounded pretty good: automate the boring stuff, reduce busywork, free up humans to focus on strategy and creativity. But if that future is already here—and the tools to make it happen are increasingly accessible—why are so many employees still working longer hours than ever? Despite headlines touting AI breakthroughs and efficiency gains, burnout remains one of the defining features of modern work culture. A Gallup report released earlier this year found that nearly three in five employees report being emotionally detached at work, and 44 percent describe feeling burned out. The question is no longer whether AI can help—it clearly can. The question is: why aren't companies using it to actually make workers' lives better? 'AI has the capability to automate tedious, time-consuming tasks, yet employees are still being pushed to work excessive hours as if these tools don't exist,' says George Kailas, CEO of 'It frankly baffles me that leadership teams aren't seeking alternatives to overworking their employees.' This isn't just about inefficiency; it's about workplace inertia. The tools are here. The problem is leadership reluctance to let go of outdated management styles rooted in presenteeism and productivity theater—where being seen working long hours is still rewarded, even when results lag. A growing number of tools—from AI assistants that summarize meetings to platforms that automate scheduling, data entry, and document processing—are capable of handling the kinds of tasks that still take up hours of employees' time each week. AI is even being used in some sectors to triage customer service tickets, generate reports, and write basic code. But instead of using that newfound time to reduce workloads, most companies just pile on more tasks. 'Overwork isn't a necessity—it's a choice,' Kailas says. 'Employers clinging to outdated workflows while burnout skyrockets aren't just inefficient—they're negligent.' Even policymakers are noticing the contradiction. Earlier this year, a bipartisan group of U.S. senators called on major corporations to outline how they're using AI to benefit—not burden—their workers. It's a clear sign that the debate is shifting: the conversation is no longer whether AI can be used in the workplace, but why it hasn't been used more equitably. Part of the issue lies in how we define success. Western economic systems tend to equate productivity with value, leading to a kind of societal Stockholm syndrome where 'more work' is always the answer, no matter how inefficient or unhealthy it may be. 'There's a great book on AI called Heartificial Intelligence , and it argues that we need to move away from measuring the success of our society by production,' Kailas says. 'Because if we don't, robots will displace most everyone eventually—they'll win on production efficiency.' Kailas points to newer frameworks like Gross National Happiness, a model used in countries like Bhutan, which measures societal progress not just by GDP but by collective well-being. It's a radical shift in thinking—but perhaps the only one that aligns with a future where machines outperform humans on most measurable tasks. 'If we do not rethink what a productive society looks like and integrate variables like the health and well-being of our people, the future is scary,' Kailas warns. So what's stopping companies from unleashing AI to its full potential? Control. For all the talk about productivity, many organizations are still obsessed with visibility, micromanagement, and command structures that reward effort over outcome. 'The technology is here, the benefits are obvious, and yet companies are still clinging to outdated models that prioritize unnecessary overwork instead of smart, AI-driven efficiency,' Kailas says. 'At some point, we have to ask: is this about productivity—or control?' It's a fair question. In theory, AI should be the great liberator of labor. In practice, it's being underutilized by systems more interested in maintaining hierarchy than unleashing human potential. Some companies are rethinking the equation. Forward-thinking firms are using AI not just to cut costs, but to build more humane, balanced workplaces. They're applying AI to support real problem-solving, reduce administrative bloat, and, yes, let people log off earlier. These companies are quickly becoming magnets for talent—and more resilient in a changing economy. But for the rest, time is running out. 'The companies that figure this out will build more productive, engaged, and future-proof teams. The ones that don't? They'll be left behind in a workplace revolution already in motion,' says Kailas. The question isn't whether AI will change work—it's whether we'll let it change work for the better. Right now, the answer depends less on the tech—and more on leadership's willingness to finally let go of the grind. TIME BUSINESS NEWS
The Star
29-04-2025
- Business
- The Star
Mindfulness City in Bhutan pushes for tokenisation as new land ownership model
GELEPHU: The Gelephu Mindfulness City (GMC) will introduce land tokenisation as a new ownership model to allow affected landowners to benefit from future increases in property value as the city expands. Land tokenisation, a concept still in its infancy globally, involves converting ownership rights into digital tokens, typically on a blockchain platform. These tokens, much like other digital assets, can be bought, sold, or traded. Under tokenisation, instead of selling land outright, landowners will retain a digital token securing their stake, even though physical ownership will be transferred to GMC. This approach allows land owners to benefit financially from future appreciation of the land's value. While global experts are still refining land tokenisation for GMC, this evolving concept is considered due to its future prospects and the long-term benefits it could pass down to current landowners for generations. 'Land tokenisation is a very new concept, redefining land ownership anchored on smart contracts,' Dr Lotay Tshering said during a recent virtual event hosted by Bhutan Global Mindfulness and MICE. 'No nation has done this at such a scale. Details are evolving, and it should not take long before they are made public.' Without land tokenisation, the governor warned that both current landowners and their heirs will remain dissatisfied, which, on a larger scale, means public discontent with GMC. Traditionally, land has been sold to those with the means and foresight to anticipate urban growth, leaving many sellers regretting their decisions as property values later skyrocket. In the GMC's case, land values are projected to appreciate at an unprecedented rate. 'His Majesty feels very strongly that even if landowners today are offered the best compensation, they will feel dissatisfied in the future as land values soar,' Lotay said. 'No land elsewhere will match the worth of GMC in the years to come.' The governor said that the GMC is envisioned by His Majesty to open the economic window of Gross National Happiness. 'No human being can thrive without some degree of material well-being,' he said, adding that economic progress is a fundamental aspect of human fulfillment. If the GMC is to compensate affected landowners monetarily, it must adhere to the Property Assessment and Valuation Agency (PAVA) rate or the current market rates in sale deed agreements, which are legally binding in land sale and purchase transactions. While the PAVA rates are low, market transactions are often underreported to avoid the three per cent land transfer tax, distorting true land values. - Kuensel/ANN
Yahoo
17-04-2025
- Business
- Yahoo
Bhutan turns to 'green' cryptocurrency to fuel economy
By Rupam Jain NEW DELHI (Reuters) - The Himalayan nation of Bhutan is exploring ways to mine and leverage green cryptocurrencies using hydropower to boost its economy and create jobs to reduce brain drain, the chief executive of its sovereign wealth fund said. Green cryptocurrencies are digital currencies mined using clean energy resources such as wind, hydro or solar power instead of fossil fuel. Sandwiched between Asian giants India and China, Bhutan has earned millions of dollars in recent years by investing in some of the world's most popular cryptocurrencies and used some of its profit to pay government salaries for two years, two senior officials in Thimphu, the capital said. "We are a nation that runs 100% on hydropower, and every digital coin we mine in Bhutan using hydropower offsets that coin which gets mined using fossil fuels," said Ujjwal Deep Dahal, the CEO of the fund, Druk Holding and Investments Ltd. "So a coin mined in Bhutan will contribute to the green economy," he told Reuters on Tuesday. Dahal said the fund, which controls Bhutan's only power generation utility, began adding cryptocurrencies to its portfolio in 2019, seeing virtual currencies as a tactical investment and a gamechanger for the country. Bhutan is famed for its Gross National Happiness (GNH) index, an economic gauge that incorporates factors ignored by the usual measures of gross domestic product, such as recreation, emotional well-being and sustainability. It uses hydropower to operate energy-guzzling supercomputers to create digital assets that can be added to the blockchain. Officials are exploring whether large conglomerates could buy Bhutan's "green" coins to meet their targets on environmental, social and governance (ESG) norms. "Bitcoin has not just given more value to hydropower energy, it has also increased access to liquidity in foreign currency," said Dahal, who added that training Bhutan's young people in blockchain and AI techniques would fuel jobs. The nation of about 800,000 is battling an exodus of young, educated people. The government estimates that more than a tenth of its young people sought greener pastures between 2022 and 2023, taking unemployment in that age group to 16.5% in 2024. Analysts said Bhutan's ambitious plan to become the capital of green digital currency depends on expanding its hydropower generation to a potential of 33 gigawatts versus existing capacity of about 3.5 gigawatts. "We have plans to generate 15 gigawatts in the next 10 to 15 years," Dahal added. Sign in to access your portfolio
Reuters
17-04-2025
- Business
- Reuters
Bhutan turns to 'green' cryptocurrency to fuel economy
NEW DELHI, April 17 (Reuters) - The Himalayan nation of Bhutan is exploring ways to mine and leverage green cryptocurrencies using hydropower to boost its economy and create jobs to reduce brain drain, the chief executive of its sovereign wealth fund said. Green cryptocurrencies are digital currencies mined using clean energy resources such as wind, hydro or solar power instead of fossil fuel. Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here. Sandwiched between Asian giants India and China, Bhutan has earned millions of dollars in recent years by investing in some of the world's most popular cryptocurrencies and used some of its profit to pay government salaries for two years, two senior officials in Thimphu, the capital said. "We are a nation that runs 100% on hydropower, and every digital coin we mine in Bhutan using hydropower offsets that coin which gets mined using fossil fuels," said Ujjwal Deep Dahal, the CEO of the fund, Druk Holding and Investments Ltd. "So a coin mined in Bhutan will contribute to the green economy," he told Reuters on Tuesday. Dahal said the fund, which controls Bhutan's only power generation utility, began adding cryptocurrencies to its portfolio in 2019, seeing virtual currencies as a tactical investment and a gamechanger for the country. Bhutan is famed for its Gross National Happiness (GNH) index, an economic gauge that incorporates factors ignored by the usual measures of gross domestic product, such as recreation, emotional well-being and sustainability. It uses hydropower to operate energy-guzzling supercomputers to create digital assets that can be added to the blockchain. Officials are exploring whether large conglomerates could buy Bhutan's "green" coins to meet their targets on environmental, social and governance (ESG) norms. "Bitcoin has not just given more value to hydropower energy, it has also increased access to liquidity in foreign currency," said Dahal, who added that training Bhutan's young people in blockchain and AI techniques would fuel jobs. The nation of about 800,000 is battling an exodus of young, educated people. The government estimates that more than a tenth of its young people sought greener pastures between 2022 and 2023, taking unemployment in that age group to 16.5% in 2024. Analysts said Bhutan's ambitious plan to become the capital of green digital currency depends on expanding its hydropower generation to a potential of 33 gigawatts versus existing capacity of about 3.5 gigawatts. "We have plans to generate 15 gigawatts in the next 10 to 15 years," Dahal added.
