The Bhutanese Leading the way.
Bhutan has officially launched its partnership with Binance Pay, introducing a national-level cryptocurrency payment system aimed at international travellers. The Chief Executive Officer of Binance, Richard Teng, arrived in the country this week to mark the occasion. Alongside him, a group of international influencers from key global markets is currently touring Bhutan, using only Binance Pay wallets for transactions to experience the full potential of the system.
The itineraries for the visiting group have been curated to showcase a diverse range of experiences, from high-end accommodations and local farmstays to cultural landmarks, artisan markets, and remote adventures, demonstrating how digital payments can integrate seamlessly into Bhutan’s tourism landscape.
Since the partnership was announced in May 2025, the number of crypto-enabled merchants in Bhutan has increased significantly, from just 100 to over 1,000. Visitors can now use cryptocurrency to pay for most aspects of their journey, positioning Bhutan as one of the more crypto-accessible destinations globally.
Richard Teng highlighted the scale of progress, pointing to the country’s openness to innovation and its ability to adopt new technologies to enrich everyday life. According to him, the initiative is not merely about expanding digital transactions, but about fostering an ecosystem that strengthens communities and enhances real-world experiences.
A key event held as part of the launch was a panel discussion titled “Digital Bhutan with Binance: Unlocking the Future of Crypto Tourism.” The panel brought together representatives from the Gelephu Mindfulness City (GMC) Authority, Binance, Druk Kidu (DK) Bank, and the Department of Tourism.
Damcho Rinzin, Director of the Department of Tourism, spoke about the longstanding issues faced by Bhutan’s tourism sector due to outdated banking systems like wire transfers, which he described as nearly obsolete. He stressed that the crypto payment system marks a significant step forward, particularly for international travellers, and aligns with the country’s goals of expanding and diversifying its tourism market.
Damcho Rinzin also noted that with Binance’s 40 million global users, Bhutan hopes to attract around 300,000 tourists by the end of 2026. He described the partnership as being in line with Bhutan’s vision of promoting regenerative and sustainable tourism, adding that the lower transaction fees and instant processing offered by Binance Pay made it a cost-effective alternative to traditional online payment systems.
From the GMC Authority, HB Lim, Managing Director of Financial Services, shared the vision of using digital assets as a core pillar in the development of GMC. He said Bhutan has an opportunity to bypass legacy financial systems and establish a native blockchain-based financial ecosystem from the ground up.
DK Bank President, Ugyen Tenzin, highlighted the rapid adoption of Binance Pay among local businesses, with over 1,000 merchants onboarded within the first month of its rollout. He attributed this momentum to Bhutan’s high level of mobile payment literacy, with over 90 percent of transactions already being made through mobile platforms. He noted that both merchants and tourists benefit from the system, tourists enjoy faster, borderless transactions with reduced fees and greater privacy, while merchants benefit from immediate settlements and exposure to a global customer base.
Richard Teng reiterated Binance’s broader mission of increasing financial freedom worldwide. According to the company’s internal data, crypto users in the travel space tend to spend more and stay longer, with the average crypto transaction around USD 1,200 which is three times higher than that of fiat users. Additionally, more than half of these travellers reportedly return for future visits, suggesting greater customer loyalty.
As the system rolls out, some local businesses are already exploring its utility. A café owner who recently added the Binance Pay QR code to her counter shared that while no customers have paid using the platform yet, the setup process was simple and cost-free, and she remains optimistic about its potential.
