Bhutan Pioneers Crypto-Tourism Payments in Partnership with Binance Pay

Bhutan has achieved a significant milestone by becoming the first nation to introduce a nationwide cryptocurrency payment system specifically for tourism. This groundbreaking initiative is a collaboration between Binance Pay and DK Bank, enabling tourists to engage in completely cashless transactions using digital currencies throughout the country.

The newly launched system accommodates a wide range of over 300 cryptocurrencies, including prominent ones like Binance Coin (BNB), Bitcoin (BTC), and USD Coin (USDC). It facilitates smooth and immediate payments through QR code technology.

This innovative move is strategically aimed at reducing transaction fees, stimulating the tourism sector, and fostering greater financial inclusion within Bhutan.

Understanding Cryptocurrency:

Cryptocurrency is a decentralized form of digital or virtual currency that employs cryptography for security. Transactions are immutably recorded on a public ledger using blockchain technology and are maintained by a distributed network of computers globally.

Examples of cryptocurrencies include Bitcoin, Ethereum, and Litecoin.

In India, while cryptocurrency is not recognized as legal tender, it is also not prohibited.

About Bhutan:

Bhutan, with its capital city Thimphu, is a landlocked Himalayan kingdom nestled between India and China. Also known as the “Land of the Thunder Dragon,” it boasts a rich cultural heritage and stunning natural landscapes.

The Manas River, extending over 376 kilometers, is the longest river in Bhutan and a significant transboundary river shared with India.

Notably, Bhutan holds the distinction of being the world’s first carbon-neutral country and uniquely prioritizes Gross National Happiness (GNH) as a measure of progress over the traditional Gross Domestic Product (GDP).