Payments can now be made using BinancePay in Bhutan.
This new payment system is primarily designed for international travelers and is a collaboration between BinancePay and DK Bank. It allows payments for flight tickets, hotel rentals, tour guide services, and other travel services through BinancePay using over 100 types of cryptocurrencies, including Bitcoin, USDC, and BNB.
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This system is specifically designed for small businesses and artists in rural areas that are often unable to use credit cards, in addition to urban populations. It will enable them to easily accept payments through BinancePay when customers purchase goods and artworks from them.
Binance and the Bhutan tourism department have stated that this system is the world’s first national-level travel payment system that allows the use of cryptocurrency.
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However, Bhutan is a country that has limited the growth of its tourism industry to preserve its natural beauty and heritage, so it will be interesting to see how successful this cryptocurrency-based travel payment system can be.
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What could happen next?
One thing to note is that the Bhutanese government has recently been quite supportive of cryptocurrency, and there have been historical instances since 2019 where they have mined Bitcoin quietly. Currently, Bhutan holds up to 13,029 BTC and ranks above El Salvador as the country with the most Bitcoin ownership in the world.
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