Bhutan Partners with Binance to Offer a Cryptocurrency Payment System for the Tourism Industry

Bhutan, a country located in the Himalayan region, has partnered with Binance to offer a cryptocurrency payment system for the tourism industry

Bhutan, the Himalayan country renowned for its partnership with Binance and Bitcoin treasury, is introducing a cryptocurrency payment system for the tourism industry. In collaboration with local bank DK Bank, Binance will facilitate crypto payments throughout the country.

As South Asian nations announce a far-reaching system that accepts crypto payments for services, including flights, hotel bookings, transportation, and local shopping, travellers can now experience a seamless and integrated payment ecosystem. Binance Pay will be facilitating the system with static and dynamic QR codes.

The initiative aims to expand the utility of cryptocurrencies beyond speculation and introduce them into everyday economic activity. Centered around Binance Pay, the service will enable tourists to easily scan QR codes at various tourist attractions, restaurants, and shops to make payments using 100 different cryptocurrencies supported by Binance.

The payments will be automatically converted to fiat currency by DK Bank, ensuring seamless integration with local vendors. This partnership marks a significant step in promoting cryptocurrency adoption and expanding its use cases within a real-world setting.

The project also highlights the increasing interest in cryptocurrency as a viable means of payment, especially among younger generations of travellers who are familiar with digital technologies and prefer contactless payment methods.

The report from the Bankless podcast further mentions that the project comes at a time when many countries are trying to boost tourism following the pandemic.

“This project is not just another payment system; it is an innovation that will bring great convenience to tourists and service providers alike,” said Damcho Rinzin, director of tourism in Bhutan.

The country in the Himalayas is also well-known for its Bitcoin treasury, which is said to hold around 12,000 BTC mined using green energy in the region.

The report pointed out that the country has been investing in Hydropower to offset the negative consequences of proof-of-work algorithms.

Earlier this year, the Royal Monetary Authority of Bhutan (RMA) issued a warning about cryptocurrencies, focusing on the Pi token as an example of a risky asset.

Despite Bhutan being a key exemplar of a country with a crypto treasury, the country still has a lot of regulatory gaps regarding digital assets.

The RMA is particularly interested in how disreputable tokens affect the local economy. The focus on crypto-funded tourism may be a way for Bhutan to find productive use cases for Bitcoin that benefit the economy.

This seems like a positive approach, combining a Bitcoin treasury strategy with a practical plan that lets people use Bitcoin to help the country recover from various crises, including a pandemic that disrupted tourism and a trade war that has divided the world.

The country in the Himalayas is said to own around $1.2 billion of cryptocurrencies, ranking fifth amongst other countries, beating El Salvador, which is also known for embracing crypto at the federal level.

Bhutan owns 12,000 BTC and 659 ETH, worth roughly $1 billion and $1 million, respectively.