Bhutan is the first country in the world to introduce the option of paying with cryptocurrencies throughout its entire tourism system. This is, quite frankly, a rather visionary step. Behind it all is a partnership between Binance Pay and Bhutan’s digital DK Bank.
Involvement of local businesses
Thanks to this system, visitors with a Binance account can pay for virtually everything—from airline tickets and visas to guides and admission to tourist attractions. And if they feel like some fresh fruit by the roadside, all they need to do is pull out their phone and pay with crypto via a QR code.
Binance claims that more than a hundred local businesses are already on board. Although no specific names have been mentioned, the system looks ready to go. Payments can be made in more than a hundred different cryptocurrencies, including well-known names such as Bitcoin and USDC. However, merchants do not need to worry about digital wallets – they will receive Bhutanese ngultrums. The transfer will be handled by DK Bank, which is licensed by the local central bank.
BTC as part of the country’s strategy
Bhutan’s state reserves of BTC are estimated to exceed $600 million. That is approximately 30% of the country’s total GDP. Binance CEO Richard Teng called the project a groundbreaking example of how technology can connect economies and cultures. Few countries in the world are willing to experiment in this way at the national level.
Moreover, Bhutan is not turning to technology by accident. Prime Minister Tshering Tobgay has previously described Bitcoin mining as a “simple and strategic choice” that has paid off for other governments. And given that the country is facing an outflow of skilled labor and youth unemployment, looking for new avenues makes sense.
