Bhutan Becomes the First Nation to Enable Crypto Payments for Tourism at a National Scale, Partnering with Binance Pay and DK Bank

Bhutan, a landlocked country in south-central Asia, is now accepting crypto payments through a new national-level tourism system powered by Binance Pay and DK Bank

Bhutan has become the first country to introduce cryptocurrency payments for tourism at a national level, partnering with Binance Pay and DK Bank, the digital subsidiary of Kuensel Bank, to launch the initiative.

The Southeast Asian country, known for its distinctive architecture and role in early Buddhist studies, is now accepting crypto for tourism via a new national-level system.

The initiative permits travelers with Binance accounts to pay for nearly every part of their journey using crypto, including airline tickets, visa fees, hotel stays, monument entry, tour guides, and even “fresh fruit from roadside stalls,” according to a Wednesday announcement by the crypto exchange.

Binance says more than 100 local merchants have already been onboarded, though it didn’t name specific businesses accepting crypto.

Visitors can pay by scanning dynamic or static QR codes via the Binance app, with support for over 100 cryptocurrencies including Bitcoin (BTC) and USD Coin (USDC). While tourists pay in crypto, merchants still receive in local currency, as all transactions are settled through DK Bank, which is licensed by the Royal Monetary Authority of Bhutan.

“We are incredibly excited to be launching this groundbreaking initiative with DK Bank and Binance Pay,” said Richard Teng, CEO of Binance Southeast Asia.

“In combining the advanced technology of cryptocurrency with the rich cultural heritage of Bhutan, we are setting a precedent for how technology can bridge cultures and economies to foster a brighter future for all.”

The initiative marks a significant step forward in cryptocurrency adoption, especially within the tourism sector.

Mid-April saw Tshering Tobgay, the prime minister of Bhutanese, comment on state-backed Bitcoin mining as “a simple strategic choice that many people have made and earned billions of dollars,” adding that “governments should do it.”

The Southeast Asian nation has been actively exploring avenues to mitigate the economic challenges it faces, such as high youth unemployment and a growing number of skilled workers leaving the country in search of better opportunities.

In 2022 alone, more than 10% of the educated population emigrated from Bhutan, highlighting the pressing need for economic recovery.