Bhutan Pioneers Crypto Tourism Ecosystem with Binance Partnership

Bhutan is set to become the first nation to implement a nationwide cryptocurrency payment system specifically for tourism.

The Kingdom is collaborating with Binance to establish a fully cashless experience for travelers visiting the country. This initiative, a partnership between Binance Pay and Bhutan’s digital DK Bank, will offer tourists utilizing Binance Pay a secure and adaptable end-to-end payment solution.

Already, over 100 merchants within Bhutan are live with DK Bank and Binance Pay. This model will enable Binance Pay users to pay for almost every aspect of their trip to Bhutan using supported cryptocurrencies.

This encompasses a wide range of expenses, including airline tickets to Bhutan, tourist visa and the Sustainable Development Fee (SDF), hotel reservations, tour guides, entrance fees for monuments, local shopping, and more.

Transactions will be processed swiftly and securely through both static and dynamic QR code payments. A significant aspect of this system is its ability to empower small vendors in remote areas to accept QR code payments.

The system is designed to support over 100 cryptocurrencies, including prominent ones like BNB, BTC, and USDC. Transactions will be immediate, with real-time confirmations provided through the Binance application.

Richard Teng, CEO of Binance, expressed enthusiasm about the partnership, stating, “We are excited to partner with Bhutan as we are not only advancing the use of cryptocurrencies in travel but also setting a precedent for how technology can bridge cultures and economies.”

This collaboration marks a significant milestone as the first instance of a tourism industry accepting cryptocurrency at a national level. It directly addresses common obstacles associated with digital payments, such as elevated transaction fees and limited merchant adoption.