tl;dr
Bhutan has partnered with Binance Pay and local DK Bank to enable cryptocurrency payments across its tourism sector. Tourists can use over 100 cryptocurrencies, including Binance Coin, Bitcoin, and USD Coin, to pay for airline tickets, visas, hotels, monument entries, tours, and street food. Payment...
Bhutan has partnered with Binance Pay and DK Bank to revolutionize its tourism sector by enabling cryptocurrency payments. Tourists can now pay for a variety of services such as airline tickets, visas, hotel accommodations, monument entries, tours, and local street food using over 100 cryptocurrencies. These transactions are settled in Bhutan’s local currency, the Ngultrum, through DK Bank.
This integration aims to support small and rural businesses that typically lack traditional payment infrastructure, allowing them to accept crypto payments easily via QR codes. This QR code-based system leverages the region’s growing preference for contactless payments, bypassing the limitations of conventional payment methods like Visa or Mastercard which are less developed locally.
Bhutan’s push toward crypto adoption is strengthened by its significant Bitcoin reserves—the fifth-largest in the world—bolstered by favorable mining conditions such as abundant renewable energy and cold climate. The government plans to boost tourism revenues to 20% of the national economy, viewing crypto payments as a catalyst for economic growth and reduced transaction and currency exchange fees.
With over 100 merchants onboarded, Bhutan’s new national crypto tourism payment system promises a seamless cashless adventure for visitors, allowing them to explore the Himalayan country effortlessly using Binance Coin (BNB), Bitcoin (BTC), USD Coin (USDC), and other cryptocurrencies.
While it remains to be seen how widely crypto payments will be adopted in daily transactions, especially by small businesses, Bhutan is clearly positioning itself as a crypto-forward nation leveraging digital assets to stimulate its tourism industry and economic development.