In a bold move to transform its tourism economy, Bhutan is embracing cryptocurrency, aiming to attract high-value global travelers and boost its digital resilience. The small Himalayan nation, known for its scenic beauty and unique culture, is turning to Binance Pay to facilitate seamless crypto transactions for tourists—a significant step unveiled during the Digital Bhutan panel co-hosted by Binance.
Bhutan’s Crypto Tourism Vision
Bhutan’s strategy is clear: integrate cryptocurrency into daily life, moving beyond theory to practical application. Officials highlighted this vision at the panel, emphasizing the ease of using Binance Pay for tourists who struggle with traditional payment methods like SWIFT. Damcho Rinzin, director of the Department of Tourism, noted, “Tourists complain they can’t use SWIFT or pay easily. Binance Pay fixes that.” Rinzin pointed out that travelers are already using crypto for local purchases, even buying groceries to cook their own meals.
Despite its ambitions being relatively modest—targeting just 300,000 visitors annually—Bhutan aims for these tourists to stay longer and spend more. With Binance Pay’s expansive user base of over 40 million, the country sees a substantial opportunity. Richard Teng, Binance CEO, described this initiative as a pivotal shift from speculation to infrastructure, stating, “This is the first national crypto payments system. The average crypto tourist spends $1,000—nearly three times a regular tourist—and merchants receive instant settlements.” This follows a pattern of institutional adoption, which we detailed in our analysis of corporate treasury investments.
Building a Tech-Savvy Ecosystem
The nation is not stopping at payments. With over 1,000 merchants already onboarded and zero fees on Binance Pay, compared to the steep charges from other providers, Bhutan is poised to create a community-driven, tech-savvy ecosystem that aligns with its cultural values. DK Bank, a key player in Bhutan’s early foray into bitcoin mining, is now at the forefront of this crypto adoption, with CEO Ugyen Tenzin noting, “Mobile and QR payments are already high. Crypto just fits.”
The initiative also extends to planned developments like Gelephu Mindfulness City, a project that merges technology, blockchain, culture, and sustainability. Hobeng Lim, managing director of finance at the development, remarked, “And this is just the start. We have many more blockchain-native projects in the pipeline, with digital assets formally recognized as a future growth engine.” This sentiment underscores cryptocurrency’s role as a core industry, rather than a mere side experiment, in Bhutan’s economic strategy. For a deeper dive into similar blockchain initiatives, see our coverage of SoFi’s blockchain remittances launch.
Looking Forward
As Bhutan embarks on this ambitious journey, questions linger about the long-term sustainability of such a crypto-centric model. Can the nation maintain its unique cultural identity while integrating cutting-edge technology? Will the global crypto market’s volatility pose challenges? These uncertainties notwithstanding, Bhutan’s initiative could serve as a blueprint for other countries eyeing similar paths.
By harnessing the advantages of cryptocurrency, Bhutan is not just modernizing its financial infrastructure but also positioning itself as a leader in digital tourism. The success of this venture could redefine how small nations leverage technology for economic growth, potentially setting a precedent for others to follow. As the world watches, Bhutan is betting big on crypto, paving the way for a future where digital innovation and cultural heritage coexist harmoniously.
Source
This article is based on: Bhutan Bets on Binance Pay to Power Crypto-Backed Tourism Economy
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
