Binance CEO Richard Teng reflects on his recent trip to Bhutan and the country’s inspiring leadership in crypto adoption.
Bhutan is the first nation to launch a national crypto payments utility, powered by Binance Pay and supported by strong merchant adoption.
Crypto aligns with Bhutan’s philosophy of Gross National Happiness by promoting financial inclusion and efficient, low-cost systems. Binance is proud to help scale Bhutan’s vision responsibly through trusted infrastructure, education, and real-world utility.
I recently returned from an extraordinary trip to Bhutan – a country known for its natural beauty, serene pace of life, and deep-rooted commitment to Gross National Happiness. But beyond the views and values, what impressed me most was the clear, determined vision of national-scale crypto adoption that the country’s leadership is bringing to life. Bhutan is embracing digital assets with conviction, clarity, and purpose.
As a global platform trusted by over 280 million users, Binance is proud to support this journey. Today, we are powering Bhutan’s national crypto payments utility – a world-first – and helping the country integrate digital assets into its future. We believe this is just the beginning.
Bhutan has made history by becoming the first sovereign nation to deploy a crypto payments utility at the national level. In practice, it means a traveler can land in Bhutan and, using your Binance account, book a hotel, pay for meals, and buy local goods – all in crypto. Merchants can accept those payments instantly, in a familiar, mobile-first format.
Bhutan’s ambitious plan is to onboard over 1 million users into this system – both tourists and local merchants. That may sound bold for a country with a population of less than 800,000, but ambition backed by infrastructure is Bhutan’s hallmark. More than 95% of merchants in Bhutan already accept mobile payments. That’s a huge advantage: for them, using Binance Pay is a logical step forward.
The vision is to provide travelers with a trusted, secure, and borderless payment method while allowing crypto to coexist seamlessly with Bhutan’s traditional financial infrastructure.
What I find striking about Bhutan’s crypto strategy is how comprehensive it is.
This is the only sovereign nation actively mining bitcoin, powered entirely by green hydropower. Bhutan also ranks among the top five countries globally in terms of BTC holdings by sovereign nations. Beyond mining, Bhutan is building a full-stack ecosystem: from real-world payments to blockchain innovation.
That level of convergence of vision, ambition, and execution is rare. It reflects the forward-thinking leadership of His Majesty the King and the trust placed in innovation as a national growth engine. It also reflects a desire to create meaningful utility and build systems that work better for everyone.
At first glance, crypto and Bhutan’s Gross National Happiness philosophy may seem like an unlikely match. But during my trip, it became clear just how naturally the two can align.
Happiness, as Bhutan defines it, is about creating conditions for a meaningful life. That includes financial inclusion – giving people access to systems that are fair, efficient, and low-cost. That is where crypto comes in.
The nation’s crypto system is designed not just for tourists, but for the Bhutanese people: to reduce friction in remittances, lower transaction costs, and broaden access to digital infrastructure. It’s a practical step toward enabling economic participation for all, especially in a geographically dispersed, mountainous country.
While in Bhutan, I also had the chance to speak with the leadership team behind the Gelephu Mindfulness City – a bold new project that combines urban design, sustainability, and digital innovation. Their focus on crypto was striking. They are thinking far beyond basic use cases, aiming to build a native blockchain ecosystem that supports trusted commerce, safe innovation, and new revenue models, all while aligning with local regulation and cultural values.
Crypto tourists tend to stay longer, spend more, and return to destinations that welcome their preferred way to pay. That has already been proven across Southeast Asia, the Gulf, and parts of Europe. At Binance, we see Bhutan as uniquely positioned to benefit from this wave of crypto-enabled tourism.
We support an increasingly mobile community of digital nomads and younger, tech-savvy users. We also offer intuitive, trusted tools like Binance Pay, which make crypto easy to use, even for first-timers. Beyond payments, our commitment to the safety and transparency of user funds, regulatory compliance, and reliable infrastructure makes Binance a tremendous partner for a nation looking to realize an ambitious vision of a crypto-powered future.
Bhutan’s crypto journey can become more than a national project: it can be a global example. It demonstrates what is possible when leadership is bold, values guide innovation, and the goal is long-term utility and the improvement of people’s lives.
To the people and leadership of Bhutan: thank you for your hospitality and your trust. Your vision is inspiring, your strategy is sound, and your future is bright.
Binance is honored to be part of it, and we look forward to building amazing things together.
