In a kingdom overlooking misty mountains from an ancient temple, cryptocurrency is quietly becoming a part of daily life.
During Binance's crypto journey in the Kingdom of Bhutan, Cointelegraph visited the capital Thimphu and the popular cultural tourism area of Paro to understand grassroots interest in cryptocurrency.
At Changyu Park and a local four-star hotel, Cointelegraph witnessed how tourists and locals used cryptocurrency for payments months after Binance launched crypto payments.
On May 7, Binance Pay partnered with DK Bank in Bhutan, allowing users with Binance accounts to pay for flights, hotels, visas, sustainability fees, and even street snacks using Bitcoin (BTC), BNB, USDt (USDT), and other crypto assets.
Ugyen Gelchen, president of DK Bank, stated that nearly 1,000 merchants have registered to accept cryptocurrency as part of the program.
Despite the rise of crypto payments, much of Bhutan's economy is still cash-based, local tour guide Kuenley Dorjee told Cointelegraph in an interview.
He said that people are just beginning to understand the true meaning of cryptocurrency, but they are eager to embrace digital transformation.
“It’s easier to use and the fees are lower,” Dorjee said. He praised the country's adoption of cryptocurrency, attributing it to the encouragement of innovation by King Jigme Khesar Namgyel Wangchuck, the King of Bhutan.
Under the reign of the current "Dragon King" Gyalpo, Bhutan's progressive stance on cryptocurrency has unfolded. During his reign, Bhutan implemented state-supported projects such as Bitcoin mining using hydropower and accumulated over 12,000 Bitcoins in crypto assets.
In 2023, local reports revealed that Bhutan began utilizing hydropower to mine Bitcoin when the price was around $5,000 in 2019. On January 8, Bhutan's Grelup Special Administrative Region (SAR), also known as Grelup Mindfulness City (GMC), announced plans to establish a strategic crypto reserve.
Despite the growing interest, unstable internet connectivity remains a key challenge. Cointelegraph encountered unstable WiFi connection speeds in Paro and Thimphu. Other participants in the crypto journey reported similar experiences.
Local Reddit discussions also highlighted the country's internet connectivity issues. One Reddit user described Bhutan's internet connection as “extremely slow, cumbersome, and requiring immense patience.”
Since crypto payments require stable internet connectivity, the instability could lead to interruptions when using digital assets for payments.
Promisingly, satellite internet provider Starlink launched in the country on February 17, according to local Bhutan Broadcasting Service reports. This could address connectivity issues, with expected speeds of 100–200 Mbps for the region.
In a roundtable discussion with the media, Ugyen Gelchen stated that Starlink's arrival is a boon for the country, as speed is crucial for crypto payments. DK Bank executives noted that although the infrastructure is not yet fully in place, the country is on the right track.
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Original article: “Bhutan Embraces Cryptocurrency Payments Despite Connectivity Gaps”
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