- Bhutan partners with Binance for national crypto tourism payments.
- Over 100 local merchants support crypto payments.
- Crypto payments cover most tourism-related expenses.
Bhutan has launched the first national cryptocurrency payment system for tourism, partnering with Binance and DK Bank to facilitate crypto transactions across the nation.
Introduction of the National Crypto Payment System
Bhutan has implemented a national-level cryptocurrency payment system for tourism, partnering with Binance Pay and DK Bank to enable travelers to use cryptocurrencies throughout their journey. This innovative scheme supports over 100 different cryptocurrencies, allowing convenience and flexibility for tourists. Binance provides the payment infrastructure, while DK Bank, licensed by the Royal Monetary Authority of Bhutan, serves as the settlement intermediary. The Bhutanese government’s endorsement signifies a shift towards integrating blockchain technology in national infrastructure.
Merchant Support and Economic Impact
The system already supports over 100 local merchants accepting cryptocurrency payments, enabling tourists to pay in crypto while merchants receive local currency. Bitcoin (BTC) and USD Coin (USDC) are among the major cryptocurrencies supported, underlining Bhutan’s increasing interest in digital currencies. Richard Teng, CEO of Binance, said the initiative aims to bridge cultures and economies through technology.
Richard Teng, CEO of Binance, remarked, “We are proud to be involved as the exchange is setting a precedent for how technology can bridge cultures and economies.”
This development addresses several economic challenges Bhutan faces, such as youth unemployment and the emigration of skilled workers. By embracing crypto tourism, Bhutan positions itself as an innovative destination, potentially reversing brain drain trends. Prime Minister Tshering Tobgay supports state-backed cryptocurrency initiatives, previously highlighting potential benefits in government-led Bitcoin mining policies.
Financial Implications and Global Influence
Financially, the initiative involves facilitating crypto transaction settlements, hinting at a broader impact on Bhutan’s GDP, which partly ties into the country’s reported Bitcoin holdings. With over $600 million in Bitcoin, equivalent to 30% of the national GDP, Bhutan’s economic dynamics could see pivotal shifts. This national crypto payment system could serve as a blueprint for other nations seeking to modernize their tourism industries through digital technology and blockchain solutions. As more countries monitor Bhutan’s steps, the global tourism industry stands on the brink of adopting similar measures.
About the author
Federal Reserve Holds Interest Rates Steady Amid Uncertainty
Federal Reserve keeps interest rates steady at 4.25%-4.5%, impacting cryptocurrency and economic outlook.
Fartcoin Drops 10% to Key Support Level
Fartcoin falls over 10%, reaching key support at $0.91 amidst market uncertainty.
Valour Launches Litecoin and Curve ETPs in Sweden
Valour Inc., a subsidiary of DeFi Technologies Inc., launches Litecoin (LTC) and Curve DAO Token (CRV) ETPs on Sweden's Spotlight Stock Market, enhancing institutional access to cryptocurrency.
MoonPay and TRON Partner to Expand TRX Access in US
MoonPay partners with TRON, allowing US users to access TRX, boosting market engagement.
Homnifi Launches Global Web3 Access Initiative
Homnifi International LTD launches an initiative to make Web3 applications globally accessible, focusing on inclusivity and innovation.
Alleged Jeffy Yu Suicide Sparks Crypto Turmoil
Zerebro’s co-founder Jeffy Yu’s supposed suicide creates market chaos and scrutiny in crypto.
Related
Federal Reserve Holds Interest Rates Steady Amid Uncertainty
Federal Reserve keeps interest rates steady at 4.25%-4.5%, impacting cryptocurrency and economic outlook.
Fartcoin Drops 10% to Key Support Level
Fartcoin falls over 10%, reaching key support at $0.91 amidst market uncertainty.
Valour Launches Litecoin and Curve ETPs in Sweden
Valour Inc., a subsidiary of DeFi Technologies Inc., launches Litecoin (LTC) and Curve DAO Token (CRV) ETPs on Sweden's Spotlight Stock Market, enhancing institutional access to cryptocurrency.
MoonPay and TRON Partner to Expand TRX Access in US
MoonPay partners with TRON, allowing US users to access TRX, boosting market engagement.
Homnifi Launches Global Web3 Access Initiative
Homnifi International LTD launches an initiative to make Web3 applications globally accessible, focusing on inclusivity and innovation.
Alleged Jeffy Yu Suicide Sparks Crypto Turmoil
Zerebro’s co-founder Jeffy Yu’s supposed suicide creates market chaos and scrutiny in crypto.
Be the first to leave a comment