Bhutan Crypto News: Travel Payments Now Possible with Binance Pay

Bhutan has teamed up with Binance Pay and DK Bank launch a groundbreaking crypto payment system for tourism. This new system allows visitors to pay for everything, from visas and hotels to food and crafts, using digital currency. It is the first time any country has done this on a national level. 

Travel with Just One Wallet

Thanks to this system, travelers with a Binance account can now enjoy a smooth, cashless trip across Bhutan. With just their phone and a Binance Pay wallet, they can scan QR codes to pay in real-time using popular cryptocurrencies like Bitcoin (BTC), BNB, and USDC. The system is backed by DK Bank, the country's first fully digital bank. It manages the local currency settlement. More than 100 local stores and services have already signed up, including shops of remote areas too. 

This means tourists can now purchase fresh fruits, handicrafts, or can pay to tour guides using cryptocurrency. There is no requirement to carry cash (fiat currency) or be concerned about high exchange fees or limits for international cards. 

Crypto Helping Bhutan's Small Businesses

One of the best aspects of this step is that it helps small and local businesses. Many shopkeepers in the nation's countryside do not have access to banks or card machines. Now, all they need is a phone to accept payments from travelers around the world. This opens up new income opportunities for families and small vendors and supports Bhutan’s goal of sustainable and fair growth.

Director at the Department of Tourism, Damcho Rinzin, said this initiative is about more than just transferring payment through crypto. It is about “innovation, inclusiveness, and convenience.”

Such a nationwide system is only initiated by Bhutan right now, although Dubai, El Salvador and Thailand have some selected organizations accepting crypto for payment in the tourism industry. After this initiative more countries would consider getting into such processes. 

A Country that Believes in Digital Future

The nation is not new to crypto. In fact, the country has been mining Bitcoin using hydropower,  a clean, green energy source. As the country operates nearly entirely on hydropower, each Bitcoin it mines reduces the world's pollution by balancing coins mined using fossil fuels. Bhutan has also invested in some of the revenues gained from selling Bitcoin to support public schemes and government initiatives.

As per Arkham, a research firm focused on blockchain, the country had more than $600 million in Bitcoin as of April 2024, close to 30% of its GDP. Although the nation has now sold some of its Bitcoin, it is determined to utilize digital assets judiciously.

The Bhutan king has also advocated for improved digital infrastructure to generate employment and prevent complexities, when creative, bright individuals move abroad in search of greener pastures.

Crypto and Culture, Together

This new platform from Binance and Bhutan is not only about simplifying payments. It is a connection between the past and the future, allowing tourists to experience the nation's vibrant heritage while taking advantage of the latest technology. "It sets a new standard" for how digital currency can unite people, cultures, and economies, said Binance CEO Richard Teng.

With its focus on green energy, happiness, and innovation, Bhutan is showing the world that crypto can be a tool for good. This crypto tourism project is more than just a tech upgrade, it is a bold step into the future.

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