Bhutan is tilting all its strength on cryptocurrencies – not only to modernize its financial track, but also to attract high-value global travelers and build a digitally resilient economy.
In the Digital Bhutan group co-chaired by Binance, officials have proposed a clear vision of bringing cryptocurrencies into theory and daily life.
“Tourists complain that they can’t use Swift or pay easily. BinancePay fixes this issue,” said a traveler, adding that travelers are already using cryptocurrency to buy local goods – in one case, even grocery stores to cook their own meals.
Bhutan’s ambitions are still modest, with only 300,000 tourists a year. However, it expects them to stay longer and spend more – Binance Pay’s 40 million plus user base as leverage. Binance CEO Richard Teng forms a shift from speculation to infrastructure.
“This is the first national crypto payment system,” he added. “The average crypto tourists spend $1,000, almost three times the average visitor – merchants’ instant settlement.”
With a zero-cost on board with over 1,000 merchants compared to the huge fees from other providers, Bhutan hopes to build a community-oriented, tech-savvy ecosystem that aligns with its value. DK Bank played a groundbreaking role in early Bitcoin mining efforts in Bhutan and is now pioneering the adoption of cryptocurrencies.
“Mobile and QR payments are already high,” the bank’s CEO said. “Encryption is just for it.”
A representative from GMC said this is just the beginning, where more blockchain local projects are being channeled, and digital assets are officially recognized as future growth engines. “Encryption is not an accompanying experiment,” he said.
“This is a core industry.”
Read more: Bhutan’s crypto protected areas could pave the way for economic growth in other countries
