Bhutan Launches Cryptocurrency Payment System for Tourism Using Binance Pay

Bhutan's Department of Tourism has introduced a new crypto payment system in collaboration with Binance Pay and DK Bank, aiming to modernize travel transactions

Bhutan's Department of Tourism has unveiled a new cryptocurrency payment system in partnership with Binance Pay and DK Bank, aiming to modernize travel transactions and boost digital adoption in the country's growing tourism sector.

Binance announced that travelers to Bhutan who hold Binance accounts can now use cryptocurrency to pay for a variety of travel services. This includes flight tickets, hotel stays, guided tours, and other offerings. The platform will support payments in over 100 digital assets, such as Bitcoin (BTC), USD Coin (USDC), and Binance's own BNB token.

The crypto payment system will allow businesses in Bhutan to accept crypto-based transactions through a QR code system, facilitating seamless mobile transactions. This effort is focused on aiding small vendors and rural artisans who may not have access to traditional payment infrastructure like card terminals.

"This is more than a payment solution. It’s a commitment to innovation, inclusion, and convenience," said Damcho Rinzin, director of Bhutan's tourism department.

“No need to pack your wallet — hop on a journey of innovation and inclusion with just your Binance App,” Binance said in a post on their official X account.

Experience #Bhutan with the world’s first national crypto tourism payment system! 🥢

Powered by Binance Pay and DK Bank, it offers seamless crypto payments for flights, hotels, local crafts, and much more. ✈️🏨🪡

Over 100 local merchants await on this cashless adventure. 🍜

Apply now: https://t.co/718z31Z17J pic.twitter.com/FUYVo4HYMe

— Binance (@binance) August 24, 2023

Bhutan's tourism department and Binance are calling their joint initiative "the world's first national-level crypto tourism payment system." This endeavor is said to be the first to offer a comprehensive and fully integrated crypto payment solution at a national scale.

"It also builds on previous limitations by offering real-time confirmations, near-zero fees and a fully licensed local bank handling settlements on the ground," Binance said.

Richard Teng, CEO of Binance, noted that the crypto payment system marks a significant step forward for cryptocurrency payments in the travel sector. He highlighted its potential to set a precedent for how technology can bridge cultures and economies.

"This initiative exemplifies our commitment to innovation and our belief in a future where digital finance empowers global connectivity and enriches travel experiences," Teng said.

Bhutan has been positioning itself at the forefront of digital finance, leveraging blockchain technology to support its economic development. The country has been actively building a strategic cryptocurrency reserve as part of its efforts to establish a new economic hub.

Moreover, reports suggest that the government has been involved in Bitcoin mining and investment since at least 2019.