Bhutan Launches Crypto Payment System for Tourism with Binance Pay

Bhutan has launched a groundbreaking tourism crypto payment system in collaboration with Binance Pay and DK Bank. This initiative allows travelers with Binance accounts to use at least 100 different crypto assets, including Bitcoin (BTC), USDC (USDC), and Binance-backed BNB (BNB), to pay for various services such as tickets, hotel stays, and tour guides. The system is designed to provide a seamless payment experience, eliminating the need for local currency or cash.

The partnership is particularly beneficial for small businesses in remote areas of Bhutan, such as vendors and rural artisans, who may not have had access to traditional payment infrastructure. By enabling these businesses to accept crypto payments through a QR code on a phone, the initiative opens up new opportunities for them to engage with international travelers.

Damcho Rinzin, director of Bhutan’s tourism department, highlighted the significance of this initiative, stating, “This is more than a payment solution — it’s a commitment to innovation, inclusion, and convenience.” The system offers real-time confirmations, near-zero fees, and is handled by a fully licensed local bank, ensuring smooth settlements on the ground.

Binance CEO Richard Teng emphasized that the crypto payment system not only advances crypto payments in travel but also sets 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 added.

Bhutan’s embrace of digital assets is part of a broader strategy to establish a strategic crypto reserve and create a new economic hub. The country has been mining and investing in Bitcoin since at least 2019, and its commercial arm, Druk Holding and Investments (DHI), has been actively adding to its crypto holdings. However, the regulation of cryptocurrencies in Bhutan remains somewhat in a legal gray area, with the Royal Monetary Authority (RMA) issuing warnings against certain crypto assets like Pi.

Despite the regulatory uncertainties, Bhutan’s launch of a national-level crypto tourism payment system marks a significant step forward in the adoption of digital currencies. The initiative not only provides convenience for travelers but also supports the growth of small businesses in remote areas, fostering economic development and innovation in the region.