The authorities in Bhutan are integrating cryptocurrency payments into the country’s economy. This initiative aims to modernize the financial system and attract tourists with the support of Binance, reports CoinDesk.
According to Damcho Rinzin, Director of the Tourism Department, travelers have complained about issues with using SWIFT and paying for services. He noted that Binance Pay addresses this problem, and tourists are already using digital assets to purchase local goods.
Binance’s head, Richard Teng, described this as the first national cryptocurrency payment system.
“The average crypto tourist spends $1,000 — almost three times more than a regular tourist, and merchants receive instant settlements,” he added.
More than 1,000 vendors have already joined the system.
DK Bank is promoting cryptocurrencies at the local level. According to the bank’s head, Ugyen Tenzin, Bhutan already has a high level of mobile and QR payment adoption, so digital assets “simply fit” into the existing ecosystem.
Hobeng Lim, Managing Director of Finance for the Gelephu Mindfulness City project, stated that this is just the beginning. Cryptocurrencies are officially recognized as a driver of future growth, he added.
“Cryptocurrency is not a side experiment. It is a key industry,” Lim concluded.
According to BitcoinTreasuries, Bhutan ranks sixth in the world in terms of bitcoin reserves. The country holds 12,062 BTC.
As reported in ForkLog, an analysis was conducted on how Bhutan is building a digital future and the role of the first cryptocurrency in it.