Bhutan Embraces Cryptocurrency Payments to Enhance Tourism Experience

The Bhutanese authorities are incorporating cryptocurrency payments into the nation’s economy. This initiative aims to modernize the financial system and attract tourists, with the support of Binance, as reported by CoinDesk.

According to Damcho Rinzin, the director of the tourism department, travelers have voiced concerns over issues related to SWIFT and payment for services. He emphasized that Binance Pay addresses this problem, and tourists are already utilizing digital assets to purchase local goods.

Richard Teng, the head of Binance, described this as the first national cryptocurrency payment system.

«The average crypto tourist spends $1000, nearly three times more than a typical tourist, and merchants benefit from immediate settlements,» he noted.

Over 1000 vendors are already connected to the system.

Local promotion of cryptocurrencies is being handled by DK Bank. Ugyen Tenzin, the bank’s head, stated that Bhutan has a high penetration of mobile and QR payments, making the integration of digital assets a seamless addition to the existing ecosystem.

Hobeng Lim, the financial director for the Gelephu Mindfulness City project, indicated that this is just the beginning. He added that cryptocurrencies are officially recognized as a driving force for future growth.

“Cryptocurrency is not a side experiment. It’s a key industry,” Lim concluded.

According to BitcoinTreasuries, Bhutan ranks sixth globally in terms of Bitcoin reserves, holding 12,062 BTC on the balance sheet of the country.