Bhutanese authorities will partner with Binance to introduce crypto payments to attract tourists

What’s new? The Bhutanese government intends to promote the mass adoption of crypto payments to modernize the economy and increase tourist traffic. The initiative will be implemented through a partnership between Binance Pay, a 40-million-strong payment platform from the world’s largest centralized crypto exchange Binance, and local neobank DK Bank.

Material by CoinDesk

What else is known? On May 7, Binance Pay partnered with DK Bank, allowing its customers to pay for airline tickets, hotels, visas, environmental fees, and restaurant bills using cryptocurrencies.

DK Bank president Ugyen Tenzin said more than 1000 merchants have registered to participate in the crypto payment acceptance program.

In a recent meeting with the Binance team, tourism department director Damcho Rinzin said the cooperation would solve the problem of not being able to use SWIFT and make it easier for tourists to make payments. Rinzin added that they already use cryptocurrency to buy local goods.

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Bhutan is visited by an average of only 300 000 tourists per year, and the new initiative aims to increase that number, thereby boosting the economy. Binance CEO Richard Teng said the project will be the first national crypto payment system.

“The average crypto tourist spends $1000 — nearly three times a regular tourist — and merchants receive instant settlements,” he added.

Hobeng Lim, the managing director of finance at upcoming crypto hub Gelephu Mindfulness City, said many more blockchain-based projects are in the pipeline, and digital assets are officially recognized as an engine of economic growth.

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The current King of Bhutan is Jigme Khesar Namgyel Wangchuck. Under him, the country has embarked on crypto-friendly policies, including state support for bitcoin mining in hydroelectric power plants from 2019 with the involvement of DK Bank, as well as BTC accumulation. Bhutan currently holds more than 12 000 BTC.

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On January 8, Bhutan’s Gelephu Special Administrative Region announced plans to create a strategic cryptocurrency reserve.