At the Gelephu Mindfulness City (GMC) conversation held on 30 June in Thimphu, the discussion was dominated by how cryptocurrency, innovation, and tourism can intersect to shape Bhutan’s future. Several international visitors and content creators at the event praised the adoption of Binance Pay, noting its speed, ease, and convenience for making payments across the country.

Among those sharing their experiences was Sujal Jethwani, a travel nomad and crypto content creator, who described buying a SIM card at the airport using Binance Pay, bypassing the usual need for currency exchange.

“It was very easy for me just to pull out my phone, open Binance, transfer the money in Bhutan’s currency and get it done. And it was done in like a minute. It was very quick, very efficient, and I didn’t have to go through all the hassles of getting the currency, fees and stuff,” he explained.

Another visitor mentioned how simple it was to scan a QR code for instant payment, while a content creator from London said he appreciated not having to worry about whether cards would be accepted or where to change money. He highlighted how smooth it was to use Binance Pay at sites like the National Memorial Chorten, local parks, and restaurants.

Testing Crypto Across Bhutan’s Tourism Landscape

In the coming week, a group consisting of Binance representatives, travel influencers, and tech content creators will be travelling through Bhutan to explore its cultural attractions and continue testing Binance Pay in everyday situations.

On 7 May 2025, Bhutan formalised a partnership with the global crypto platform Binance and local Druk Kidu (DK) Bank to introduce a nationwide crypto payment system tailored for international visitors.

“This partnership sends a very strong message to the world saying that Bhutan is welcoming all kinds of tourists,” said Damcho Rinzin.

He went on to highlight Binance’s 40 million active users and Bhutan’s ambition to welcome 300,000 tourists by the end of next year.

He linked this partnership to Bhutan’s long-term tourism goals, stating, “Bhutan stands for buying regenerative sustainable and Binance coming in digitally, working with the Druk Kidu Bank.”

Damcho also discussed how cost-effective Binance Pay can be, contrasting it with traditional payment gateways that charge higher fees. He said Binance typically charges no fee or a minimal fee, usually up to two percent, while providing instant payments.

HB Lim, managing director of Financial Services at the GMC Authority, described Binance as an excellent case of blockchain technology bringing real-world benefits to communities.

“For GMC, we envision digital assets as a core industry. We have a unique chance to leapfrog legacy systems and build a native blockchain financial ecosystem from the ground up,” he commented.

Ugyen Tenzin shared that roughly 1,000 local businesses had already come on board within a month of launching the crypto payment service, attributing this to Bhutanese people’s familiarity with mobile payments.

“In Bhutan, the payment proficiency is really high, and mobile payment is over 90 percent. When we started this partnership with Binance, what we asked was that the users, especially the local merchants from Bhutan’s side, should be familiar with the technology,” he noted.

He explained that crypto payments offer tourists instant, borderless transactions with lower fees and more privacy, while merchants benefit from instant settlements and exposure to Binance’s global user base.

A Seamless Travel Experience for Crypto Tourists

He added that the initiative is designed to build a seamless and trusted network for crypto payments that improves the travel experience and supports local business, whilst also coexisting with traditional financial systems.

Richard Teng, CEO of Binance, reaffirmed the company’s purpose to “increase the freedom of money globally.” According to him, crypto travellers tend to spend more, stay longer, and are three times more valuable over their lifetime than traditional fiat users.

“Crypto travellers spend significantly more per transaction, averaging around USD 1,200 compared to USD 400 for fiat transactions,” Richard stated.

He also noted that 57 percent of crypto travellers are repeat customers, demonstrating a strong sense of loyalty.

Despite generally positive reviews, Dr Kajal Singh, another content creator, flagged that Binance Pay was not yet accepted everywhere, mentioning issues at some shops and pharmacies.

However, she still praised the service’s low costs and straightforward conversion between USD and INR, estimating charges of around 0.5 to 1 percent.

Panel Discussion: Digital Bhutan with Binance

During the event, a panel discussion titled “Digital Bhutan with Binance: Unlocking the Future of Crypto Tourism” brought together representatives from the GMC Authority, Binance CEO Richard Teng, DK Bank president Ugyen Tenzin, and Damcho Rinzin from the Department of Tourism.

Damcho Rinzin spoke about the challenges Bhutan’s tourism sector faces with outdated banking systems, particularly traditional wire transfers, which he described as virtually obsolete.

He stressed that the new crypto payment system is “very significant to Bhutan” and will prove especially beneficial for international visitors.