On the lands of the ancient monastery overlooking the misty mountains, cryptocurrencies are quietly becoming part of everyday life.
During a Binance Crypto-driven tour in the Kingdom of Bhutan, Cointelegraph travels through popular cultural and tourist areas in the capital Thimphu and Paro, Bhutan, to measure grass-roots interest in cryptocurrencies.
At Changyul Park and local 4-star hotels, Cointelegraph has witnessed tourists and locals paying cryptocurrency just a few months after cryptocurrency exchange Binance launched cryptocurrency payments in the country.
On May 7, second-hand payment Partner with DK Bank in Bhutan Allow users with a 2-money account to pay for flights, hotels, visas, sustainable development fees, and even street snacks (BTC), BNB (BNB), USDT (USDT) and other crypto assets.
Ugyen Gelchen, president of DK Bank, said nearly 1,000 businessmen have signed up for encryption as part of the plan.
Bhutanese citizens have just begun to learn cryptocurrency
Local tour guide Kuenley Dorjee told Cointelegraph that while cryptocurrency payments are rising, much of Bhutan’s economy is still based on cash.
He said people are just starting to get stuck around the true meaning of cryptocurrencies, but are eager to embrace digital transformation.
“It’s much easier to use and it’s better to use,” Doji said, praising the country’s adoption of cryptocurrency and praised Bhutan’s monarch Jigme Khesar Namgyel Wangchuck for encouraging innovation.
Bhutan’s progressive crypto stance was unfolded under the leadership of the country’s current “Druk Gyalpo” king Jigme, which actually transformed into “Dragon King”. During his reign, Bhutan implemented projects supported by countries such as hydropower Bitcoin mining accumulation Cryptocurrency over 12,000 BTC.
In 2023, local reports show that Bhutan has BTC mining with water and electricity Since 2019, Bitcoin has been priced at around $5,000. On January 8, the Gelephu Special Administrative Region (SAR), also known as the Gelephu Mindfulness City (GMC), revealed the plan Establish strategic encryption protection zones.
Related: Bhutan’s DHI can offset the halving effect through Bitcoin mining upgrades
Internet-instable encryption barriers
Despite growing interest, unstable internet connectivity remains a key challenge. Cointelegraph encountered inconsistent WiFi connection speeds in Paro and Thimpu. Other crypto tour participants reported similar experiences.
The local Reddit discussion also highlighted the country’s internet connectivity issues. A reddit user describe Bhutan’s internet connection is “shocking, boring and requires all the patience that exists.”
A stable internet connection is required through encrypted payments, and unstable connections can lead to interruptions when payments are made by digital assets.
Promisingly, satellite internet provider Starlink will launch in the country on February 17 according to Local broadcast services to Bhutan. This can solve the connection problem, potentially providing speeds of 100-200 Mbps to the region.
In a roundtable discussion with the media, Ugygelephuin said the emergence of Starlink is a blessing for the country because speed is very important when it comes to cryptocurrency payments. The DK Bank Supervisor said that although it is not yet there in terms of infrastructure, the country is on the right path.
https://www.youtube.com/watch?v=jtzg-ijdfwc
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