Bhutan becomes the first country to enable Crypto payments on a national scale, working with Binance Pay and DK Bank

Bhutan, a landlocked country in southern central Asia, has begun accepting cryptocurrency payments through a new national-level tourism system supported by Binance Pay and DK Bank.

Bhutan became the first country to introduce cryptocurrency payments in tourism at the national level, launching the program through partnership with Kuensel Bank’s digital subsidiary Binance Pay and DK Bank.

This Southeast Asian country is known for its unique architecture and its important position in early Buddhist studies and is now accepting cryptocurrency payments from tourism through a new national-level system.

Crypto Exchange announced Wednesday that the program allows travelers with Binance accounts to pay for almost every part of their journey in cryptocurrency, including airline tickets, visa fees, hotel accommodation, monument tickets, guided services, and even “fresh fruit purchased from roadside stalls.”

Binance said that while there is no specific point out which businesses accept cryptocurrencies, more than 100 local merchants have joined the system.

Visitors can scan dynamic or static QR codes through the Binance app to pay, supporting over 100 cryptocurrencies (including Bitcoin (BTC) and USD Coin (USDC). Even though tourists pay in cryptocurrency, merchants will still receive payments in local currency, as all transactions are conducted through DK Bank licensed by the Royal Bhutanese currency authorities.

"We are excited to launch this groundbreaking initiative with DK Bank and Binance Pay," said Richard Teng, CEO of Binance Southeast Asia.

“By combining the advanced technology of cryptocurrencies with the rich cultural heritage of Bhutan, we show how technology connects culture with the economy and creates the future for all.”

This move marks an important pace of adoption of cryptocurrencies within the tourism sector.

In mid-April, Bhutanese Prime Minister Tshering Tobgay believed that state-backed bitcoin mining was a “simple strategic choice for many people to make and earn billions of dollars”, adding that “the government should do this.”

Southeast Asian countries have been actively exploring ways to mitigate their economic challenges, such as high young unemployment rates and an increasing number of skilled workers leaving the country for better opportunities.

In 2022 alone, more than 10% of the educated population migrated from Bhutan, highlighting the urgent need for an economic recovery.

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