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Bhutan will soon allow the use of cryptocurrencies in the tourism sector. The country has announced the launch of a crypto payment system that lets users make crypto payments using Binance Pay. The aim is to incentivise tourists with cheaper alternatives to dodge currency exchange rates and limitations in the acceptability of international cards. Tourism generates a major chunk of revenue for Bhutan, and the country is now looking to make it more economical for visitors and travellers.
Individuals planning a trip to Bhutan will now be able to make crypto payments for flight tickets, visa fees, hotel stays, monument visits, tour guides, and street-shopping.
Along with Binance, DK Bank — Bhutan’s first fully digital bank — is also part of the programme. The bank has already onboarded over 100 merchants in Bhutan who have agreed to accept payments in the form of crypto tokens.
How to Use Crypto Payments While Travelling in Bhutan
Travellers looking to use crypto for payments must first sign up on the Binance app. While booking tickets and hotels will be similar to regular online bookings, for retail purchases they will have to scan integrated QR codes provided by merchants.
DK Bank will act as a fully licensed local bank, managing crypto settlements on the ground. It will provide instant crypto-to-fiat conversions for over a hundred tokens including Bitcoin and the USDC among others for the tourists.
“This partnership creates new economic pathways for Bhutan’s communities, especially small vendors and rural artisans who may never have had access to card terminals or payment infrastructure before,” said an announcement post from Binance.
Bhutan’s Stance on Crypto
In September 2024, Arkham Intelligence claimed that Bhutan was accumulating Bitcoin from the BTC mining operations run by Druk Holdings. This entity is the investment arm of the Kingdom of Bhutan.
BREAKING: BHUTAN GOVERNMENT’S $750M BTC NOW ON ARKHAM
Bhutan’s Bitcoin holdings are now labeled on Arkham. These holdings come from Bitcoin mining operations carried out by the Kingdom of Bhutan’s investment arm, Druk Holdings.
Arkham is the first to publicly identify these… pic.twitter.com/a8ScUNJJ9F
— Arkham (@arkham) September 16, 2024
In December last year, the country recognised crypto assets as a legitimate asset class within its Gelephu Mindfulness City, an economic hub located in southern Bhutan. No digital assets are currently recognised as a legal tender in Bhutan.
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