Crypto-friendly Asian country, Bhutan has partnered with Binance Pay and DK Bank to unveil a cryptocurrency payment system for tourists. The development surfaced through an official blog post by Binance on Wednesday.Â
In the announcement, Binance disclosed that the newly launched project will empower travelers to pay for services while in the country using cryptocurrencies. As revealed, tourists can now use crypto to pay for services like tickets, hotel reservations, tour guides, and many others.
In the announcement, the company confirmed that the system will support up to 100 different cryptocurrencies including Bitcoin, Ethereum, USDC, BNB, Solana, and many more. Meanwhile, the system is also available for business owners in Bhutan, as it will allow them to receive payments in the supported cryptocurrencies.
In addition, with just a QR code on a mobile phone, Binance said business owners can seamlessly accept crypto payments. Likewise, Binance established that the innovation is aimed at business startups in the country that lack access to payment infrastructure and card terminals.
The announcement revealed how vendors and artisans in rural areas are struggling to put in-place payment systems that are convenient for tourists. Therefore, the newly launched project will enable travelers to make payments to local businesses without depending on Bhutan’s local currency.
The statement establishes that the synergy will help address some of the shortcomings business owners have encountered in the past. Binance illustrated that the system comes with real-time confirmations, cheap transaction fees, and the backing of a licensed local bank that will help handle settlements.
Key notes on the partnership between Bhutan, Binance Pay, and DK Bank
The Director of Bhutan’s tourism department, Damcho Rinzin said the new initiative is more than a payment solution. The executive went on to describe the payment system as a commitment to innovation, inclusion and convenience.
Additionally, the CEO of Binance, Richard Teng discussed how the system helps advance cryptocurrency payments in travel. He added that it will set a precedent for how technology can mend the gap between cultures and economies.
The CEO emphasized that the project underlines the commitment of the global exchange to innovation and hope in the future where digital finance will support global interconnectedness and travel experiences.
However, Bhutan, as part of its national economic strategy is investing heavily in cryptocurrency. The country through its sovereign investment arm, Druk Holdings and Investments (DHI) has been mining Bitcoin since 2019.
The mining operations according to findings are powered by the country’s huge hydropower resources that help generate sustainable energy. Currently, the country has more than 11,000 BTC in its coffers, making it one of the top largest holders of Bitcoin among nation-states.
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