Bhutan, known for its happiness index, has taken a groundbreaking step in the realm of tourism by unveiling the world’s first nationwide crypto-powered payment system. This innovative initiative, a collaboration between Bhutan, Binance Pay, and DK Bank, aims to cater to the needs of travelers by enabling them to make cryptocurrency payments seamlessly.
Officially launched on May 7, this fully integrated system allows tourists visiting Bhutan to transact in over 100 supported cryptocurrencies across various vendors, including airlines, hotels, government agencies, and tour operators. By leveraging QR codes and the Binance app, travelers can make instant payments that are settled in the local currency through DK Bank.
The tourism sector in Bhutan, which emphasizes low-impact travel, faced challenges during the COVID-19 pandemic. In response, the country implemented strategies to revive tourism, such as reducing daily levies, engaging in influencer marketing, and launching an official booking portal. These efforts bore fruit, with a significant surge in tourist numbers and revenue in late 2024.
Damcho Rinzin, Director of Bhutan’s Department of Tourism, highlighted that the crypto payment system not only enhances convenience for travelers but also fosters innovation and financial inclusion within Bhutan. The move is seen as a significant step towards addressing common pain points in cross-border tourism, including high transaction fees and limited card acceptance.
Despite being a small nation, Bhutan has made a name for itself in the realm of cryptocurrency. The government holds a substantial amount of Bitcoin, ranking third globally among national governments. Bhutan’s Bitcoin holdings, acquired primarily through government-backed mining operations, serve as a strategic financial reserve, leveraging the country’s hydroelectric energy infrastructure.
Ujjwal Deep Dahal, CEO of Druk Holding and Investments, described Bhutan’s Bitcoin mining operation as a means to store value during energy surplus periods, providing a hedge against energy scarcity in the winter months. This unique approach underscores Bhutan’s forward-thinking strategies in utilizing cryptocurrency for economic stability and energy security.
As Bhutan pioneers the integration of cryptocurrency into its tourism ecosystem, the move is expected to have far-reaching implications beyond the realm of travel. By embracing digital payments and innovative solutions, Bhutan sets a precedent for other nations looking to leverage blockchain technology for economic growth and financial inclusion.
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