Bhutan has launched a tourism crypto payment system in conjunction with Binance Pay and DK Bank, enabling payments through over 100 cryptocurrencies. Targeting small businesses, especially in remote areas, this system allows QR code transactions, making it easier for tourists. Despite Bhutan’s growing friendliness towards digital assets, the cryptocurrency regulatory landscape remains uncertain, with previous warnings from the Royal Monetary Authority.
In a significant development, Bhutan has launched a tourism-focused crypto payment system. The country partnered with Binance Pay and DK Bank to enable travellers to pay for various services using cryptocurrencies. With at least 100 digital assets accepted – Bitcoin, USDC, and BNB included – the initiative marks a notable advance in the region’s tech-driven payment options for tourists.
According to Binance’s announcement made on May 7, this new payment system not only provides convenience for tourists but also introduces a fresh payment gateway for local businesses. Travellers with Binance accounts can now use their mobile devices to scan QR codes when making payments for things like hotel stays and guided tours, eliminating the hassles of local currency.
Damcho Rinzin, director of Bhutan’s tourism department, highlighted the initiative as more than just a new payment option. He described it as a commitment to innovation and inclusion, which could significantly benefit small businesses, particularly in remote areas of the country. Many of these vendors have historically lacked access to payment infrastructure, and this system could bridge that gap.
The announcement reiterated that even small, remote businesses can accept these cryptocurrency payments simply through a QR code. Binance Pay emphasized that users can embark on their journeys without the need to carry bulky wallets or local cash, simplifying the travel experience.
Both Binance and Bhutan’s tourism department have branded this as the world’s first national-level crypto tourism payment system. This initiative, according to the companies, is a pioneering model for fully integrated crypto payment solutions tailored for national contexts. It aims not only to revolutionise the travel payment landscape but also to enhance cultural and economic exchanges globally.
Richard Teng, CEO of Binance, remarked on the innovation’s potential, suggesting it sets a precedent for combining technology with travel. His sentiment echoed a broader ambition for digital finance to foster global connectivity and enriching travel experiences.
Bhutan’s foray into integrating cryptocurrency payments is part of its larger strategy to embrace digital assets. The government has been investing in and mining Bitcoin for several years, aiming to establish a strategic crypto reserve. Recent reports suggest that Bhutan’s commercial entity, Druk Holding and Investments (DHI), accumulated over 374 Bitcoin this January, boosting its total holdings to 12,062 BTC, along with minor investments in chains like Polygon and BNB.
However, the regulatory landscape for cryptocurrencies in Bhutan remains hazy. The Royal Monetary Authority (RMA) has previously issued warnings about certain crypto-assets such as Pi, advising the public to exercise caution in their investment decisions. The RMA’s stance reflects the ongoing uncertainties regarding the implications of cryptocurrencies on the economy and financial systems in Bhutan.
