Bhutan launches tourism crypto payments with Binance Pay and DK Bank

Bhutan, known for investments in cryptocurrencies like Bitcoin, has launched a tourism crypto payment system in partnership with Binance Pay and DK Bank. The system allows Bhutan travelers with Binance accounts to pay for services like tickets, hotel stays, tour guides and other products using at least 100 different crypto assets, including Bitcoin (BTC), USDC (USDC) and Binance-backed BNB (BNB). The initiative also opens a payment gateway for businesses in Bhutan, enabling them to accept crypto payments through a QR code on a phone, according to an announcement by Binance on May 7. “This is more than a payment solution — it’s a commitment to innovation, inclusion, and convenience,” said Damcho Rinzin, director of Bhutan’s tourism department. Benefits for small businesses in remote areas The partnership specifically targets small businesses in Bhutan, such as vendors and rural artisans who may never have had access to card terminals or payment infrastructure. “Even Bhutan’s most remote businesses can now accept crypto through a phone, gaining access to international travelers with just a QR code,” the announcement said. Binance said tourists will be able to pay for services without needing local currency or cash. Related: Crypto spending will grow, but fiat isn’t going anywhere: Mercuryo CEO “No need to pack your wallet — hop on a journey of innovation and inclusion with just your Binance App,” Binance said in a post on X. “World’s first national-level crypto tourism payment system” Binance and Bhutan’s tourism department referred to the initiative as the “world’s first national-level crypto tourism payment system.” “Bhutan’s model is the first to offer a fully integrated, end-to-end crypto payment system at the national level,” Binance’s announcement said, adding: “It also addresses previous limitations by offering real-time confirmations, near-zero fees, and a fully licensed local bank handling settlements on the ground.” Binance CEO Richard Teng emphasized that the system advances crypto payments in travel and “sets 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,” Teng added. Bhutan holds multiple crypto assets Bhutan’s launch of the payments system aligns with its broader embrace of digital assets. The country has been working to set up a strategic crypto reserve as part of a new economic hub, while the government has been reportedly mining and investing in Bitcoin since at least 2019. According to Arkham, Bhutan’s commercial arm, Druk Holding and Investments (DHI), has added 374 Bitcoin to its stash since early January, increasing holdings to 12,062 BTC. Additionally, the entity holds modest amounts on chains like Polygon, BNB Chain and Base. While Bhutan has grown increasingly friendly to crypto adoption, regulating cryptocurrencies remains a legal gray area. In 2020, Bhutan’s central bank, the Royal Monetary Authority (RMA), issued a warning against the Pi cryptocurrency, urging the public to exercise caution when investing in any crypto asset. “The RMA would like to remind the general public to exercise due caution in making any investment in Pi or any other cryptocurrency as the implications, risks and use cases on the economy and financial systems are still to be ascertained,” the authority wrote. Magazine: Bitcoin to $1M ‘by 2029,’ CIA tips its hat to Bitcoin: Hodler’s Digest, April 27 – May 3 Source: https://cointelegraph.com/news/bhutan-crypto-payments-tourism-binance-pay-dk-bank?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound