- Bhutan steps up its crypto game as it partners with Binance Pay and DK Bank to power tourism with a crypto payment system.
- This initiative is reported to offset the existing travel limitations by encouraging real-time confirmation and near-zero fees.
The Kingdom of Bhutan, a small landlocked country in the Himalaya mountains of South Asia, has made a major headway in its digital innovation effort, becoming the first country in the world to launch a national-level crypto tourism payment system.
According to the report shared on X, travellers who fly into the country could now fund every part of their journey with crypto, ranging from airline tickets to hotel stays.
The Details
Based on the report at our disposal, this groundbreaking initiative was launched by the collaboration of Binance Pay and DK Bank. This implies that travellers can use the dynamic or static QR code in the Binance app to make real-time transactions.
The system is reported to support more than 100 cryptos, including USDC, BNB, and BTC, with over 100 local merchants making the initial move to onboard DK Bank and Binance Pay. According to the parties involved in this partnership, the initiative was motivated by the need to improve travel logistics through the removal of cross-border tourism, which has long been characterised by high currency exchange and transaction fees, as well as limited acceptance of international cards.
DK Bank, a key component of this initiative, is the first fully digital bank in the country. Since the Royal Monetary Authority of Bhutan licensed its operation, it is reported to have delivered accessible financial services across the country, significantly improving the number of the unbanked population.
Commenting on this, the CEO of Binance, Richard Teng, pointed out that while this move advances the use of cryptos, it also highlights their commitment to innovation.
We are excited to partner with Bhutan as we are not only advancing the use of cryptocurrencies in travel but also setting 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.
Bhutan’s Position as a Crypto Hub
Bhutan is not a new player in the crypto world. According to Arkham’s data, the country has a Bitcoin reserve worth more than $1 billion. As indicated in our previous discussion, this positions it among the top five countries to hold Bitcoin in its reserve.
Another report published in November 2024 also shows that Bhutan generates between 55 BTC to 75 BTC from its weekly mining operations. Fortunately, this is backed by a $500 million closed-end fund and easy access to clean and cheap hydroelectric power. On this, the country’s prime minister, Tshering Tobgay, has urged the world to embrace Bitcoin mining, in an Al Jazeera interview reviewed by CNF.
Bhutan is also reported to be considering the decision to add BNB to its strategic reserve alongside Bitcoin and Ethereum. As detailed in our previous news coverage, this forms part of the effort to utilise digital assets in its economic policy.
