Bhutan launches tourism crypto payments with Binance Pay and DK Bank
Bhutan, known for investments in cryptocurrencies like Bitcoin, has launched a tourism crypto payment system in partnership with Binance Pay and DK Bank.
The system allows Bhutan travelers with Binance accounts to pay for services like tickets, hotel stays, tour guides and other products using at least 100 different crypto assets, including Bitcoin (BTC), USDC (USDC) and Binance-backed BNB (BNB).
The initiative also opens a payment gateway for businesses in Bhutan, enabling them to accept crypto payments through a QR code on a phone, according to an announcement by Binance on May 7.
“This is more than a payment solution — it’s a commitment to innovation, inclusion, and convenience,” said Damcho Rinzin, director of Bhutan’s tourism department.
Benefits for small businesses in remote areas
The partnership specifically targets small businesses in Bhutan, such as vendors and rural artisans who may never have had access to card terminals or payment infrastructure.
“Even Bhutan’s most remote businesses can now accept crypto through a phone, gaining access to international travelers with just a QR code,” the announcement said.
Binance said tourists will be able to pay for services without needing local currency or cash.
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“No need to pack your wallet — hop on a journey of innovation and inclusion with just your Binance App,” Binance said in a post on X.
“World’s first national-level crypto tourism payment system”
Binance and Bhutan’s tourism department referred to the initiative as the “world’s first national-level crypto tourism payment system.”
“Bhutan’s model is the first to offer a fully integrated, end-to-end crypto payment system at the national level,” Binance’s announcement said, adding:
“It also addresses previous limitations by offering real-time confirmations, near-zero fees, and a fully licensed local bank handling settlements on the ground.”
Binance CEO Richard Teng emphasized that the system advances crypto payments in travel and “sets a precedent for how technology can bridge cultures and economies.”
“This initiative exemplifies our commitment to innovation and our belief in a future where digital finance empowers global connectivity and enriches travel experiences,” Teng added.
Bhutan holds multiple crypto assets
Bhutan’s launch of the payments system aligns with its broader embrace of digital assets.
The country has been working to set up a strategic crypto reserve as part of a new economic hub, while the government has been reportedly mining and investing in Bitcoin since at least 2019.
According to Arkham, Bhutan’s commercial arm, Druk Holding and Investments (DHI), has added 374 Bitcoin to its stash since early January, increasing holdings to 12,062 BTC. Additionally, the entity holds modest amounts on chains like Polygon, BNB Chain and Base.
While Bhutan has grown increasingly friendly to crypto adoption, regulating cryptocurrencies remains a legal gray area.
In 2020, Bhutan’s central bank, the Royal Monetary Authority (RMA), issued a warning against the Pi cryptocurrency, urging the public to exercise caution when investing in any crypto asset.
“The RMA would like to remind the general public to exercise due caution in making any investment in Pi or any other cryptocurrency as the implications, risks and use cases on the economy and financial systems are still to be ascertained,” the authority wrote.
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The European Union is considering a partial halt to its landmark artificial intelligence laws in response to pressure from the US government and Big Tech companies.
The European Commission plans to ease part of its digital rulebook, including the AI Act that took effect last year, as part of a “simplification package” that is to be decided on Nov. 19, the Financial Times reported on Friday.
If approved, the proposed halt could allow generative AI providers currently operating in the market a one-year compliance grace period and delay enforcement of fines for violations of AI transparency rules until August 2027.
“When it comes to potentially delaying the implementation of targeted parts of the AI Act, a reflection is still ongoing,” the commission’s Thomas Regnier told Cointelegraph, adding that the EC is working on the digital omnibus to present it on Nov. 19.
EU’s AI Act entered into force in August 2024
The commission proposed the first EU AI law in April 2021, with the mission of establishing a risk-based AI classification system.
Passed by the European Parliament and the European Council in 2023, the European AI Act entered into force in August 2024, with provisions expected to be implemented gradually over the next six to 36 months.
According to the FT, a bulk of the provisions for high-risk AI systems, which can pose “serious risks” to health, safety or citizens’ fundamental rights, are set to come into effect in August 2026.
With the draft “simplification” proposal, companies breaching the rules on the highest-risk AI use could reportedly receive a “grace period” of one year.
Related: EU mulls SEC-like oversight for stock, crypto exchanges to bolster startup landscape
The proposal is still subject to informal discussions within the commission and with EU states and could still change ahead of its adoption on Nov. 19, the report noted.
“Various options are being considered, but no formal decision has been taken at this stage,” the EC’s Regnier told Cointelegraph, adding: “The commission will always remain fully behind the AI Act and its objectives.”
“AI is an incredibly disruptive technology, the full implications of which we are still only just beginning to fully appreciate,” Mercuryo co-founder and CEO Petr Kozyakov said, adding:
“Ultimately, Europe’s competitiveness will depend on its ability to set high standards without creating barriers that may risk letting innovation take place elsewhere.”
The EU’s potential suspension of parts of the AI Act underscores Brussels’ evolving approach to digital regulation amid intensifying global competition from the US and China.
After the US explicitly banned central bank digital currency (CBDC) development in early 2025, the European Central Bank accelerated work on the digital euro but later said that digital cash would not launch before 2029.
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