The tourism industry in Bhutan is the first globally to explore a nationwide cryptocurrency payment system powered by Binance Pay and DK Bank.
A popular crypto exchange, Binance, has announced the launch of a nation-level payment initiative in Bhutan, in partnership with DK Bank, the country’s first fully digital bank.
The first fully integrated, end-to-end system of this kind allows tourists with Binance accounts visiting Bhutan to use digital assets for a wide range of services, including flights, visas, accommodations, and local purchases, leveraging a network of over 100 supported merchants.
The travellers will be able to make crypto payments seamlessly using dynamic or static QR codes. The system supports over 100 cryptocurrencies such as BNB, BTC, and USDC. Transactions are settled instantly in the local currency via DK Bank capabilities. Its main benefits are real-time payment confirmations, near-zero fees, and support of a licensed financial institution with high security standards.
This initiative aims to simplify travel logistics by eliminating high transaction and currency exchange fees and reducing reliance on cash or international cards, which cause tourists many inconveniences.
The broader goal of the joint project is to foster economic inclusion by empowering small businesses, especially in remote areas, to accept digital payments. This aligns with Bhutan’s vision of sustainability, equitable development, and cultural preservation. According to Damcho Rinzin, Director of Bhutan’s Department of Tourism, the initiative represents the country’s commitment to innovation, inclusion, and convenience.
Meanwhile, Binance CEO Richard Teng highlighted the importance of the newly formed partnership as a crucial step toward advancing the use of cryptocurrencies in travel. Besides its utility in one Himalayan country, the new payment system is setting a precedent for how blockchain and crypto can bridge cultures and economies. The partnership between the two fintech entities and the local government reflects a shared belief in the power of technology to connect people and enrich travel experiences.
Earlier, a similar initiative was launched in Thailand, however, at a much smaller scale. There, crypto payments are initially limited to Phuket, one of the country’s most popular tourist destinations. The expansion of this initiative depends on the success of its pilot stage.
Tourism is an important component of Bhutan’s economy. The country, closed to foreign visitors just half a century ago, today wants to attract more international guests, having simplified the visa rules for tourists. Tourism stands as the country’s largest source of foreign exchange and an important revenue generator. At the same time, it currently accounts for less than 4% of the nation’s GDP, as local authorities are tightly controlling the tourist inflow out of sustainability concerns.
Bhutan adopts a “High Value, Low Impact” tourism policy to preserve its cultural heritage and natural environment. The country charges tourists a Sustainable Development Fee (SDF). The proceeds support free healthcare, education, and environmental conservation efforts in Bhutan.
Along with facilitating payment processes per se, the new crypto initiative can attract higher-spending, experience-driven travellers who value ease and novelty. The latter qualities can encourage their longer stays and bigger on-site spending, which is beneficial for the national economy of Bhutan. Moreover, crypto-savvy tourists also often belong to demographic groups (tech-aware millennials and Gen Z) that value sustainability and authentic, low-impact experiences, which align with Bhutan’s national philosophy.
