The Himalayan Kingdom of Bhutan, which has an ambitious and rapidly expanding Bitcoin mining operation fueled by hydropower, is now looking to the crypto sector to attract tourism. The country has just partnered with Binance Pay, with the CEO of Binance framing Bhutan’s plan as “a shift from speculation to infrastructure”.
“This is the first national crypto payments system,” CEO Richard Teng said. “The average crypto tourist spends $1,000 — nearly three times a regular tourist — and merchants receive instant settlements,” he added.
“Tourists complain they can’t use SWIFT or pay easily. Binance Pay fixes that,” said Damcho Rinzin, director of Bhutan’s Department of Tourism.
As Coindesk reported:
“With over 1,000 merchants onboarded, and zero fees on Binance Pay compared to steep charges from other providers, Bhutan hopes to build a community-driven, tech-savvy ecosystem that aligns with its values.”
The country is also developing Gelephu Mindfulness City, which merges technology, like blockchain, with culture, and sustainability.
Interestingly, Bhutan is the fourth largestgovernmental holder of Bitcoin, after the UK, China and the US. Unlike most countries, it has achieved this status through mining the cryptocurrency. With abundant glacial lakes and cascading rivers, the landlocked country’s strong exploitation of water resources has allowed it to obtain clean, plentiful and cheap energy – which has been the backbone of its Bitcoin mining strategy – as well as giving it a completive edge in the sector.
The country is now clearly shifting its cryptocurrency strategy with a vision to bring crypto out of theory and into everyday life.