Bhutan launches a tourism-focused crypto payment system in collaboration with Binance Pay and DK Bank. The system allows tourists to pay for services using over 100 cryptocurrencies, aiming to benefit small businesses in remote areas. Dubbed the “world’s first national-level crypto tourism payment system,” this initiative also aligns with Bhutan’s growing crypto investments and changing financial landscape, despite existing regulatory uncertainties.
Bhutan has recently taken a bold step in the realm of cryptocurrency by launching a new payment system for tourists. In collaboration with Binance Pay and DK Bank, travellers with Binance accounts can now pay for their services while enjoying the country’s beauty. This includes everything from accommodation to guided tours, utilising over 100 different cryptocurrencies, quite a remarkable leap into digital finance.
By putting this system in place, it’s not just about making it easier for tourists. The initiative aims to bring financial inclusivity to small businesses across Bhutan, especially those in remote regions who may have missed out on previous technology. Vendors and artisans can now accept crypto payments via a simple QR code on their mobile devices, truly a game-changer for them.
Binance noted that tourists wouldn’t need to worry about local currency or cash any longer. This development not only facilitates smoother transactions but also allows Bhutanese businesses to reach international clientele with ease. As Binance Pay put it, there’s no need to carry around a traditional wallet when all transactions can happen seamlessly through a Binance app.
Dubbed the “world’s first national-level crypto tourism payment system,” this effort stands out globally. According to Binance, Bhutan’s model presents a fully integrated crypto payment system that eliminates issues faced by businesses, such as transaction delays or high fees, thanks to real-time confirmations and support from a local bank.
Commenting on this initiative, Binance CEO, Richard Teng, highlighted its importance in merging cultures and economies while reshaping how we approach travel payments. He strongly believes that this system can serve as a model for other nations as they navigate the ever-evolving digital finance landscape.
Bhutan’s foray into crypto payments is part of a broader strategy to incorporate digital assets into its economy. The government has been reportedly investing in Bitcoin since at least 2019 and is actively managing a strategic crypto reserve through its economic body, Druk Holding and Investments (DHI). Surprisingly, DHI has accumulated over 12,000 BTC, which showcases the nation’s confidence in the potential of cryptocurrencies.
Still, it’s a bit tricky when it comes to regulations. The Royal Monetary Authority (RMA), Bhutan’s central banking body, previously cautioned the public against certain cryptocurrencies, advising people to know the risks involved. The RMA’s approach hints at a cautious route as Bhutan navigates the complexities of crypto regulation and embraces this new frontier in the financial sector.
