Bhutan to fully introduce cryptocurrency payments to boost tourism industry

The Kingdom of Bhutan is fully introducing a cryptocurrency (virtual currency) payment system in order to revitalize the tourism industry and modernize the economy.
Damcho Rinzin, Director General of the Bhutan Tourism Board
Rinzin attended Binance's recently held "Crypto-Powered
"The tourism industry in Bhutan has long been in the spotlight for payment invoices," said a panel discussion at the "Bhutan Tourism Industry" event.
He said, "The payment method for foreign tourists through bank transfers is 'outdated,'" and added, "The introduction of cryptocurrency payments is
"This will solve these problems and increase accessibility for modern travelers," he emphasized.
Pay has partnered with DK Bank, a local bank in Bhutan, to provide virtual currency exchange services in Bhutan.
"Currently, more than 1,000 affiliated stores across the country have adopted this system," said Ugyen Tenzin, president of DK Bank.
Director Rinzin emphasized that going beyond simply diversifying payment methods, the introduction of cryptocurrencies itself is a "welcoming signal" that Bhutan is sending to the outside world. This shows that Bhutan is very open.
It sends a powerful message that tourism is a positive step forward and could potentially attract a new type of tourist – a younger, forward-thinking traveller – who is sympathetic to Bhutan’s philosophy of sustainable and thoughtful tourism.
"There is a possibility that Binance will be able to attract 300,000 tourists a year," he added.
In particular, "The real-time processing and low fees of cryptocurrency payments are much more efficient than existing payment systems, and this will be beneficial not only for the tourism industry but also for various industrial sectors in Bhutan.
"This will also have a positive effect through 'digital inclusion.'" However, contrary to the Korea Tourism Agency's intention to promote it, the actual use of crypto assets locally is still in the early stages.
According to the prefecture, some stores contacted by the media said, "There are still very few customers who visit using cryptocurrency payments," and one local guide said, "When traveling to Bhutan, cryptocurrency alone is not enough. Cash is not enough."
The most realistic approach would be to use credit cards and virtual currencies in parallel."