The Kingdom of Bhutan is integrating cryptocurrency payments into its tourism infrastructure in an effort to modernize its economy and attract younger, tech-savvy visitors.
During a panel discussion at the Binance Bhutan cryptocurrency tour, Damcho Rinzin, the head of Bhutan's tourism department, told the audience that the country's tourism industry has long been plagued by payment infrastructure issues.
On May 7, Binance Pay partnered with local bank DK Bank to allow users to pay for expenses in Bhutan using cryptocurrency. In the panel discussion, DK Bank President Ugyen Tenzin stated that nearly 1,000 merchants nationwide have already adopted and accept this payment method.
Rinzin noted that feedback from tourists indicated that bank wire transfers used in Bhutan are "a thing of the past." He said that by integrating cryptocurrency, the country can better serve modern travelers and eliminate friction in the payment infrastructure.
In addition to convenience, Rinzin views cryptocurrency as a branding opportunity for the Himalayan kingdom. "It sends a very strong message that Bhutan is very welcoming to tourists," he said.
He added that welcoming cryptocurrency means being open to different types of visitors. Rinzin stated that opening the doors to cryptocurrency signifies an openness to young, forward-thinking travelers who align with the kingdom's vision of sustainable and mindful tourism.
Rinzin also shared a modest goal of attracting 300,000 users annually. He said that the integration of DK Bank with Binance Pay should help the tourism industry, as attracting a portion of the millions of users from this cryptocurrency exchange to visit will boost the local economy.
He also compared the costs of cryptocurrency payments with traditional banking systems. Rinzin stated that the near-instant payments and lower fees associated with using cryptocurrency are more efficient than Bhutan's existing payment systems.
"Digital inclusion will not only create wonders for the people in Bhutan's tourism industry," he said, adding that it will also help people in other sectors.
During a roundtable discussion with the media during the trip, Carissa Nimah, the Chief Marketing Officer of the Bhutan Tourism Department, expressed similar views. Nimah described Bhutan as "traditional and authentic," while also being "focused and visionary."
She said that the initiative to accept cryptocurrency aligns with the kingdom's evolving identity. "This collaboration opens up a new category of tourists for Bhutan, namely those who want to use cryptocurrency to explore the world."
With major projects like Greyp Mindfulness City underway, the integration of cryptocurrency is seen as part of Bhutan's broader vision. "I think this will play a very important role in Greyp Mindfulness City," Nimah told the media.
Despite the tourism department's push for cryptocurrency, adoption is still in progress. Several local merchants who joined the program told Cointelegraph that they have not yet seen many customers using this payment option.
A local tour guide also told Cointelegraph that he would not recommend relying solely on cryptocurrency during visits to Bhutan. The guide stated that a combination of cryptocurrency, cash, and credit cards remains the best way to travel.
Related: Binance CEO: Cryptocurrency aligns with Bhutan's philosophy of happiness
Original: “How Bhutan is Boosting Its Local Economy Through Crypto Tourism”
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