Binance CEO Sees Crypto Boosting Bhutan's Happiness Index

Binance CEO Richard Teng recently visited the Kingdom of Bhutan to discuss the alignment of the country's unique development philosophy, Gross National Happiness (GNH), with the principles of cryptocurrency. During a media roundtable at the Binance Crypto-Powered Tour, Teng was asked how crypto culture aligns or conflicts with Bhutan’s identity, which prioritizes well-being over economic output. Teng asserted that the values of crypto align with Bhutan’s GNH and approach to well-being, stating that "fundamentally, it’s the same. At the end of the day, crypto is about financial freedom and financial inclusion. It solves a lot of problems. And ultimately, it brings up the well-being of a person."

Bhutan’s GNH model, introduced by the country’s fourth king in the 1970s, emphasizes collective happiness over economic growth and is central to Bhutan’s national identity. The concept is a sustainable approach to development that balances material and non-material values, embedding emotional and spiritual well-being into the Himalayan kingdom’s way of life. Teng argued that the technology underlying digital assets can help uplift individuals and communities, especially in regions with limited access to financial services. He shared that he has met individuals around the world who have achieved financial independence through crypto assets, especially in underbanked regions. Teng believes that Bhutan’s crypto approach may lead to similar results, stating that "the people here, His Majesty and the Kingdom of Bhutan, are believers in innovation. They believe crypto can uplift people’s well-being and general happiness."

Bhutan’s government, led by its monarch, has embraced digital assets as part of its development strategy. The country has engaged in projects like hydro-powered Bitcoin mining and setting up a crypto reserve. In May, Bhutan adopted crypto payments via Binance, targeting crypto holders to boost tourism. Teng noted that as the country embraces digital assets, crypto adoption will lead to more foreign investments flowing into the country, maintaining high happiness levels in “The Kingdom of Happiness.”

Teng's visit to Bhutan and his discussions on the alignment of cryptocurrency with the GNH philosophy have sparked interest in the potential of cryptocurrency to drive economic growth and social development. The partnership between Bhutan and Binance is a testament to the growing acceptance of cryptocurrency as a viable financial tool, and it sets a precedent for other countries looking to leverage the benefits of this technology. The launch of a national crypto tourism payment system in Bhutan is a significant step towards achieving these goals, allowing tourists to make payments using cryptocurrency and making it easier for them to visit and explore the country. Teng believes that this move will not only boost tourism but also contribute to the overall happiness and well-being of Bhutan's citizens, as it aligns with the GNH philosophy.