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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.

Bhutan launches tourism crypto payments with Binance Pay and DK Bank
Source: Binance

Binance said tourists will be able to pay for services without needing local currency or cash.

Related: Crypto spending will grow, but fiat isn’t going anywhere: Mercuryo CEO

“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.”

Bhutan launches tourism crypto payments with Binance Pay and DK Bank
Source: Bhutan’s tourism department

“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.

Bhutan launches tourism crypto payments with Binance Pay and DK Bank
Crypto holdings of the Royal Government of Bhutan (DHI). Source: Arkham

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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Four things we learned from Sir Mel Stride’s Electoral Dysfunction interview

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Four things we learned from Sir Mel Stride's Electoral Dysfunction interview

Since last year’s general election, Sir Mel Stride has become a familiar face for those of us who like our politics.

During the campaign, he regularly found himself on breakfast TV and radio. So much so, Sir Mel was referred to as the “minister for the morning round” by some of our industry colleagues.

By our count, he was on Sky News Breakfast at least 10 times during the campaign’s 43 days.

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Following the election, and losing the Conservative leadership race to Kemi Badenoch, Sir Mel now puts questions to Rachel Reeves as shadow chancellor.

Still seen as a safe pair of hands, Sir Mel’s penchant for doing the “morning round” hasn’t slowed down either, making regular appearances on breakfast TV and radio.

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Luckily, he found some time between all that to sit down for an interview with Sky’s Beth Rigby for the Electoral Dysfunction podcast. He spoke about his transition to Opposition, taking on Reform, and the most controversial topic in Westminster – lunch.

Here’s what we learned:

1. Opposition isn’t ‘awful’ – but it is like ‘warfare’

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‘I think people will see through Reform’s populism’

Before the election, Sir Mel served as work and pensions secretary. Shifting to the Opposition was not “awful”, despite losing the muscle of the civil service.

“But it is like guerrilla warfare,” he said.

“You suddenly lose all the trappings of government. Somebody once said to me, ‘when you get in the back of a car and you sit down and it doesn’t go anywhere, that’s when you realise you’re no longer a minister’.

“So it is that sort of sense of being looked after that disappears.”

There’s also a smaller team of Conservatives in the Commons. Before the election, Rishi Sunak had 343 MPs behind him.

Ms Badenoch currently only has 119.

“When you’re down to 120 MPs – and some set piece events, there might be only a fraction of those people there – it’s much quieter.

“What I actually often do is I can be quite provocative of the Opposition to get them going, because then at least you get something to feed off. Sometimes I do that to, just get the energy in the chamber.”

2. Being at the despatch box on big days can be ‘tricky’ – but he has a ‘secret’

You may remember Sir Mel’s lively response to Rachel Reeves’s spring statement in March. He revealed that, on those big political days, he isn’t told what the chancellor will say until about half an hour before it’s said in the Commons.

“It does give you and your team literally 10 or 15 minutes to… work out what the main things are,” he said.

However, he tells Electoral Dysfunction that you do have to be able to think on your feet in that scenario.

He said: “You are thinking about ‘what are the attack lines I’m going to use?’… and amend what you’re going to do.”

He added that he doesn’t get nervous. That might have to do with Sir Mel having been president of the Oxford Union debating society “many, many years ago”.

“Now the secret’s out. The secret is out Beth, and you’re the first to have gleaned that secret from me,” he said.

To be fair, it is on his website.

3. He’s not a huge fan of Reform

Nigel Farage
Image:
Nigel Farage

As the Conservatives battle with Reform for the right, Sir Mel didn’t have many positive words for Nigel Farage’s party.

“With Reform… these are populists, who peddle fantasy economics,” he said.

“‘Take everybody out of income tax up to £20,000 costs about £80bn according to the IFS [Institute For Fiscal Studies].”

The IFS has said it needed “more detail” to exactly cost Reform’s proposal, but “it could easily be in the range of £50 to £80bn a year”.

“I think ultimately,” Sir Mel says, “people will see through a lot of the populism that Reform stands for.”

He added that he believed that Reform’s 2024 manifesto, was, economically, “a work of fiction”.

“I mean, it’s quite dangerous, actually. I think if they’d been elected… the economy would have gone into a very bad place,” he said.

4. His ideal lunch? A cheese and ham toastie

Ms Badenoch and Sir Mel see eye-to-eye on many things - lunch isn't one of them. Pic: PA
Image:
Ms Badenoch and Sir Mel see eye-to-eye on many things – lunch isn’t one of them. Pic: PA

Sir Mel also addressed the most pressing issue of all – lunch.

If you’re unaware, this has proven a controversial subject in Westminster. Ms Badenoch told The Spectator in December she was “not a sandwich person… lunch is for wimps”.

In March, however, Ms Reeves gave a rebuttal to Electoral Dysfunction, revealing she whips up a cheddar sandwich in 11 Downing Street when she can.

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Sir Mel falls more in line with his opposite number than his leader.

“I’ve always liked a sandwich, particularly a toasted sandwich,” he said.

“I’d go with the Cadillac, the Rolls Royce of sandwiches, a ham and cheese.”

Sir Mel has previously, however, been partial to some more peculiar fillings.

“Do you remember those Breville toastie makers? When I went to university, I had one of those, or whatever the equivalent was,” he said.

“You could put baked beans in, eggs in, and all sorts of things.

“It was fantastic.”

To each, their own.

Electoral Dysfunction unites political powerhouses Beth Rigby, Ruth Davidson, and Harriet Harman to cut through the spin, and explain to you what’s really going on in Westminster and beyond.

Want to leave a question for Beth, Ruth, and Harriet?

Email: electoraldysfunction@sky.uk

WhatsApp: 07934 200444

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