Bhutan Launches Cryptocurrency Payment Platform for Tourism Sector Using Binance Pay

A South Asian country best known for its cryptocurrency investments and mining activities has now introduced a cryptocurrency payment platform for the tourism sector in partnership with Binance Pay and DK Bank.

Tourists can now visit Bhutan and pay for goods and services using cryptocurrencies in their Binance accounts, according to an announcement by the crypto exchange.

The statement adds that the system supports over 100 different cryptocurrencies and allows merchants to accept crypto payments by scanning a QR code on their phones.

Tourists can make payments using crypto assets such as Bitcoin and stablecoins like USDC from their Binance App. Payments are settled instantly in the local currency via DK Bank.

According to Binance, over 100 businesses are already using the payment system developed by DK Bank and Binance Pay.

With this system, tourists can pay for a wide range of services, including flight tickets, hotel accommodations, tour guides, and much more, as long as they have a Binance account.

“No need to pack your wallet — embark on a journey of innovation and inclusion with just your Binance App. 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. @tourismbhutan…” Binance said on X, formerly Twitter.

This partnership between Bhutan and Binance is the first of its kind, and has been termed the “world’s first national-level crypto tourism payment system.”

It brings together the strengths of Binance Pay’s global cryptocurrency payment technology with DK Bank’s deep understanding of the local financial landscape.

Together, they have created a system that allows tourists to easily use cryptocurrencies for payments during their travels in Bhutan.

Benefits for Small Businesses

Binance believes that this new system will improve global tourism by reducing cross-border transaction fees and restricted usage of bank cards.

With this payment system, local businesses are not expected to invest in any underlying infrastructure before they can accept cryptocurrencies from clients.

It also helps small businesses that may not have access to card terminals to accept payments through other means instead of solely cash.

Recently, Bhutan has consistently supported cryptocurrency. The country ranks fourth among countries with the largest BTC holdings globally, with 8,594 BTC in its reserves.

Unlike other nations that have seized or purchased Bitcoin, Bhutan’s BTC reserves were acquired through mining.