Bhutan Launches World's First National Cryptocurrency Payment System for Tourism with Binance Pay

Bhutan has taken a pioneering step in the realm of digital finance and tourism by collaborating with Binance Pay to introduce the world's first national-level cryptocurrency payment system for tourism. This innovative initiative allows travelers with Binance accounts to enjoy a seamless, cashless experience throughout their journey in Bhutan. The partnership with Binance Pay and Bhutan's fully digital DK Bank enables visitors to use digital assets for virtually every aspect of their trip, from booking flights and obtaining visas to making local purchases.

The system is designed to be comprehensive and inclusive, covering a wide range of services such as hotel bookings, tour guides, monument entry fees, and local shopping. More than 100 merchants are already live with DK Bank and Binance Pay, ensuring that travelers can make digital transactions at various points during their visit. This includes everything from purchasing fresh fruit from roadside vendors to settling bills at high-end hotels, all facilitated through static and dynamic QR code payments.

Bhutan, known for its focus on Gross National Happiness (GNH) over GDP, aims to enhance travel experiences while promoting sustainability and cultural preservation. This partnership aligns with Bhutan's vision of harnessing digital innovation to empower local communities and unite tradition with technology. The initiative not only provides a convenient payment solution for tourists but also supports small vendors in remote areas by enabling them to accept QR code payments, thereby integrating them into the tourism economy.

The system offers several key benefits, including lower transaction fees compared to traditional payment methods, immediate transactions, and support for over 100 cryptocurrencies, including BNB, BTC, and USDC. Security features such as encrypted transactions, two-factor authentication (2FA), and real-time confirmations via the Binance application ensure that all transactions are secure and transparent.

Richard Teng, CEO of Binance, expressed excitement about the partnership, stating that it advances the use of cryptocurrencies in travel and sets a precedent for how technology can bridge cultures and economies. Damcho Rinzin, Director of the Department of Tourism in Bhutan, emphasized that this initiative is more than just a payment solution; it is a commitment to innovation, inclusion, and convenience, enabling a seamless experience for travelers and empowering small vendors in remote villages.

The partnership marks the first time a tourism product has accepted cryptocurrency at a national level, addressing common barriers to digital payments such as high transaction fees and limited merchant acceptance. DK Bank, Bhutan's first fully digital bank, powers the local settlement mechanism, bringing modern technology and innovation to deliver seamless, secure, and accessible financial services to all strata of society, especially those marginalized and unbanked.

Binance Pay, a feature on the Binance app, allows users and merchants to pay, send, and receive crypto worldwide without incurring gas fees. With support for over 300 cryptocurrencies, it caters to more than 40 million active users and 32,000 merchants. Trusted by over 270 million users across 100+ countries, Binance stands as the world's largest cryptocurrency exchange by trading volume and registered users.

The Department of Tourism of Bhutan is responsible for the development and promotion of sustainable tourism in the country. It works to share the Kingdom's remarkable places, people, and experiences with conscious travelers, guided by the principles of high-value, low-volume tourism. This initiative is a testament to Bhutan's commitment to leveraging technology to enhance the tourism experience while promoting sustainability and cultural preservation.