Key Takeaways:
Binance CEO Richard Teng says Bhutan’s Gross National Happiness (GNH) model aligns with crypto values.
Crypto promotes financial inclusion and independence, supporting Bhutan’s people-first development strategy.
Bhutan is embracing digital assets through mining, reserves, and crypto tourism partnerships with Binance.
Binance CEO Richard Teng believes that Bhutan’s Gross National Happiness (GNH) philosophy and the core values of cryptocurrency are closely aligned, citing shared goals of financial inclusion, individual well-being, and innovation.
Speaking during the Binance Crypto-Powered Tour in Bhutan, Teng addressed how the country’s unique development model—one that prioritizes emotional and spiritual well-being over pure economic output—resonates with the ethos of the crypto ecosystem.
“At the end of the day, crypto is about financial freedom and financial inclusion,” Teng said. “It solves a lot of problems. And ultimately, it brings up the well-being of a person.”
Bhutan’s Happiness-Driven Development and Crypto Integration
Bhutan’s GNH model, introduced in the 1970s by the fourth king, prioritizes collective happiness, environmental sustainability, and cultural preservation over GDP growth. It has shaped national policies for decades and remains central to the country’s identity.
Though crypto is often seen as volatile and speculative, Teng argued that the technology underpinning it—especially blockchain and decentralized finance—can empower communities, particularly in underbanked and remote regions like Bhutan.
He noted that Bhutanese leadership, including King Jigme Khesar Namgyel Wangchuck, is strongly committed to innovation and sees digital assets as a way to uplift economic well-being without compromising the country’s cultural values.
“The people here, His Majesty and the Kingdom of Bhutan, are believers in innovation,” Teng said. “Crypto adoption can support happiness and financial stability.”
Bhutan’s Expanding Crypto Footprint
Bhutan has taken concrete steps to integrate cryptocurrency into its national strategy:
Hydropowered Bitcoin Mining: Leveraging the country’s abundant green energy to mine BTC sustainably.
National Bitcoin Reserve: Bhutan holds over 13,000 BTC, making it the fifth-largest sovereign Bitcoin holder, according to Bitbo—outpacing even El Salvador.
Crypto Payments for Tourism: In May, Bhutan partnered with Binance to enable crypto payments for visitors, boosting tourism and showcasing its openness to digital assets.
Despite these strides, Bhutan still faces challenges such as limited internet infrastructure, which could hinder local crypto adoption. However, Teng expressed confidence that ongoing development efforts and strategic partnerships will address these obstacles over time.
Bhutan’s approach to crypto isn’t just about technology—it’s about integrating financial tools that enhance human well-being. As Teng noted, when crypto adoption is driven by values like trust, access, and happiness, it aligns naturally with Bhutan’s GNH model and could serve as a blueprint for other countries seeking balanced, human-first innovation, according to an interview with Cointelegraph.
