Bhutan Embraces Cryptocurrency to Boost Tourism and Strengthen Economy
The country Bhutan is known for its peacefulness and landscape. It is also famous for always following the policies that follow happiness. Apparently, Bhutan has now started accepting cryptocurrency, which will help boost the tourism sector and the country’s economy.
During an event as part of Binance’s Crypto-Powered Tour in Bhutan, Damcho Rinzin—Director of the Department of Tourism—stated that outdated payment systems have long been a problem for travelers. Wire bank transfers of previous visitors to the casino are referred to as cumbersome and outdated.
To tackle the situation, Bhutan has partnered with Binance Pay and DK Bank to enable crypto payments on the country’s server. The integration is made to make travel seamless and more appealing for the next-gen traveler—technology-adept and digital-first.
A Crypto-Friendly Welcome to Modern Travelers
Binance Pay partnership with DK Bank is starting to take off. In Bhutan, about 1,000 merchants have been onboarded to accept cryptocurrency payment for services like hotels, restaurants, and tour experiences.
The rotation is about much more than adding shiny new technology; it is about repositioning Bhutan’s image. He said, “This sends a clear message that Bhutan is welcoming and progressive.”
The Department of Tourism is aiming modestly to get around 300,000 travelers who use crypto every year. Binance is a global platform with a huge user base. A small percentage of Binance adoption could benefit local businesses and the economy of the nation.
Lower Fees, Faster Transactions, Bigger Impact
The move also makes financial sense. As per Rinzin, the transaction speed is virtually instant, with the payment fees being much lower than banks. This can help not just the tourists but also the livelihood of the local vendors and businesses in rural and urban areas as well.
Rinzin stated, “Digital inclusion can help other sectors like tourism,” suggesting the crypto agenda can help unlock access to wider economic participation and financial empowerment for citizens.
Blending Tradition With Innovation
According to the Department of Tourism’s Chief Marketing Officer Carissa Nimah, that statement echoed Rinzin’s. She says Bhutan is “authentic and visionary” and believes accepting crypto is compatible with the evolving identity of the kingdom.
Nimah mentioned that this partnership will allow Bhutan to attract a new category of traveler—those traveling the world through crypto. She mentioned that the integration of crypto goes hand-in-hand with big upcoming projects. These consist of the Gelephu Mindfulness City project to combine sustainability and innovation.
Adoption Still Gaining Ground
We are excited to see Bhutan taking new initiative, but crypto adoption is still far away. Some merchants say use of the new payment method is limited, while local tour guides warn against relying on it for travel. They suggest various payment forms, such as cryptocurrency, cash, and cards, while traveling.
Bhutan’s decision to launch a cryptocurrency may not seem like a big deal, but they clearly have long-term plans for the currency and its eventual use.
