Bhutan Collaborates with Binance to Introduce Cryptocurrency Payment Platform
Bhutan is set to embrace cryptocurrencies in its tourism sector with the introduction of a new crypto payment system. This initiative, powered by Binance Pay, aims to provide tourists with a cost-effective way to navigate currency exchange challenges and the limitations of international card acceptance. By allowing crypto payments for various travel-related expenses, Bhutan hopes to enhance its appeal as a tourist destination while boosting its economy, which heavily relies on tourism.
Crypto Payments for Tourists
Tourists planning to visit Bhutan will soon have the option to make payments using cryptocurrencies for a range of services. This includes flight tickets, visa fees, hotel accommodations, entry to monuments, guided tours, and even street shopping. The initiative is designed to simplify transactions for visitors, allowing them to avoid the complexities of currency exchange and high fees associated with international cards.
To utilize this new payment method, travelers will need to register on the Binance app. Booking flights and hotels will follow standard online procedures, while retail purchases will involve scanning QR codes provided by participating merchants. DK Bank, Bhutan’s first fully digital bank, will facilitate these transactions, managing crypto settlements locally. The bank has already partnered with over 100 merchants across the country who are prepared to accept payments in various cryptocurrencies, including Bitcoin and USDC.
Supporting Local Economies
The introduction of cryptocurrency payments is expected to create new economic opportunities for local communities in Bhutan. According to Binance, this partnership will particularly benefit small vendors and rural artisans who previously lacked access to traditional payment infrastructure. By enabling these businesses to accept crypto payments, the initiative aims to integrate them into the broader economy, potentially increasing their customer base and revenue.
DK Bank will play a crucial role in this ecosystem by providing instant conversions from crypto to fiat currency. This feature will allow tourists to easily manage their funds while ensuring that local merchants can accept payments without complications. The initiative not only modernizes Bhutan’s tourism sector but also aligns with the country’s efforts to promote financial inclusion.
Bhutan’s Evolving Crypto Landscape
Bhutan’s relationship with cryptocurrencies has been evolving. In September 2024, Arkham Intelligence reported that the country was accumulating Bitcoin through mining operations managed by Druk Holdings, the Kingdom’s investment arm. This revelation highlighted Bhutan’s strategic approach to integrating digital assets into its economy.
In December of the previous year, Bhutan officially recognized crypto assets as a legitimate asset class within the Gelephu Mindfulness City, an economic hub in southern Bhutan. However, it is important to note that no digital assets are currently classified as legal tender in the country. This cautious yet progressive stance reflects Bhutan’s desire to explore the benefits of cryptocurrencies while maintaining regulatory oversight.
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