Bhutan is aggressively pursuing cryptocurrency not only to enhance its financial systems but also to attract affluent international visitors and create a digitally robust economy.

At the Digital Bhutan panel, co-hosted by Binance, government representatives articulated their ambitious intent to transition cryptocurrency from abstraction into daily life.

Key Points:

• DK Bank has been crucial in Bhutan’s early bitcoin mining initiatives and is now leading the charge for crypto integration in the country.
• The initiative aims to extend tourists’ stays and encourage higher spending, leveraging Binance Pay’s extensive user base of over 40 million.

“Tourists complain they can’t use SWIFT or pay easily. Binance Pay fixes that,” said Damcho Rinzin, the director of the department of tourism. “Los turistas se quejan de que no pueden usar SWIFT o pagar fácilmente. Binance Pay soluciona eso.”

Bhutan’s target is modest with an annual goal of 300,000 visitors, but aims for these tourists to spend considerably more, utilizing the services of Binance Pay. Richard Teng, CEO of Binance, emphasized the shift from speculation to the establishment of robust infrastructure.

“This is the first national crypto payments system,” Teng noted. “The average crypto tourist spends $1,000 — nearly three times what regular tourists spend, and merchants receive instant settlements.”

Having onboarded over 1,000 merchants with no fees on Binance Pay, Bhutan aspires to create a community-oriented, tech-savvy ecosystem that resonates with its ethos. Ugyen Tenzin from DK Bank remarked on the flourishing mobile and QR payment systems.

Next, Hobeng Lim, managing director at Gelephu Mindfulness City, declared, “And this is just the beginning”, affirming that numerous blockchain-based projects are on the horizon, with digital assets recognized as key to future growth.

“Crypto is not a side experiment, it’s a core industry,” Lim added.

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