Bhutan Embraces Cryptocurrency Payments to Boost Tourism Economy

The Bhutanese government is incorporating cryptocurrency payments into the country’s economy. This initiative aims to modernize the financial system and attract tourists, with support from Binance, as reported by CoinDesk.

According to the director of the tourism department, Damcho Rinzin, travelers have expressed concerns regarding challenges with SWIFT transactions and service payments. He noted that Binance Pay addresses these issues, with tourists already using digital assets to purchase local goods.

Richard Teng, the head of Binance, referred to this initiative as the first national cryptocurrency payment system.

«The average crypto tourist spends $1,000—almost three times more than a regular traveler, and merchants benefit from instant payments,» he added.

Over 1,000 vendors have already joined the system.

The promotion of cryptocurrencies at the local level is being handled by DK Bank. According to the bank’s head, Ugyen Tenzin, Bhutan already boasts a high adoption rate of mobile and QR payments, making digital assets a seamless addition to the existing ecosystem.

Hobeng Lim, the managing director of the Gelephu Mindfulness City project, stated that this is just the beginning. He emphasized that cryptocurrencies are officially recognized as a driver of future growth.

«Cryptocurrency is not a side experiment; it is a crucial industry,» concluded Lim.

As per BitcoinTreasuries, Bhutan ranks sixth globally in terms of Bitcoin reserves, holding a total of 12,062 BTC on its balance sheet.