Latest news with #DKBank
Arabian Post
2 days ago
- Business
- Arabian Post
Bhutan unveils nation‑wide crypto payment system for tourists
Bhutan has become the first country to integrate cryptocurrency payments across its entire tourism infrastructure, enabling visitors to use Binance Pay for everything from booking flights and paying visa fees to purchasing local goods in rural areas. The system, implemented in partnership with Binance Pay and fully digital DK Bank, supports over 100 cryptocurrencies—including Bitcoin, Binance Coin and USD Coin —and is accepted at more than 100 merchants nationwide. Tourists can complete transactions via static or dynamic QR codes, with DK Bank instantly converting crypto payments into Bhutanese ngultrum, avoiding volatility for merchants and eliminating traditional card fees. Real‑time confirmations, two‑factor authentication, encryption, and zero gas fees ensure a secure and efficient experience. Department of Tourism director Damcho Rinzin emphasised that the solution 'empowers even small vendors in remote villages to participate in the tourism economy'. The initiative aligns with Bhutan's broader strategy of embedding digital assets into its economy, which already includes green Bitcoin mining powered by hydropower. With a cryptocurrency reserve worth over US$600 million and bitcoin holdings exceeding 12,000 BTC, Bhutan aims to leverage its carbon‑neutral energy for economic diversification and sustainable growth. ADVERTISEMENT Binance CEO Richard Teng described the partnership as 'setting a precedent for how technology can bridge cultures and economies', reflecting a vision that blends tradition and digital innovation. The kingdom's emphasis on Gross National Happiness underpins this move: by making tourism more accessible and inclusive, Bhutan hopes to reinforce community wellbeing and economic opportunity across all regions. Bhutan's payments infrastructure ties into existing efforts to tackle youth unemployment—estimated at between 16.5 % and 19 %—and brain drain by cultivating jobs in blockchain, AI, and fintech. Since 2019, the sovereign wealth fund Druk Holding and Investments Ltd. has mined cryptocurrencies using surplus hydropower, channelled gains into public salaries, and fostered youth training to build a future-proof economy. Initial adoption has drawn participation from boutique hotels, tour operators, and rural artisans. By enabling markets in Thimphu and remote mountain villages to accept digital payments without traditional banking hardware, the system extends financial inclusion where it has been limited. Analysts note that reducing transaction friction and foreign‑exchange costs is likely to enhance Bhutan's appeal to digital‑savvy travellers and boost tourism revenues. Bhutan's model emerges amid a global rise in crypto‑enabled travel. Nations such as Thailand and El Salvador have piloted tourism payments, but Bhutan's national‑level implementation is unprecedented. The country also plans major future investments, including expanding hydropower from 3.5 GW to an estimated 15 GW over the next decade and exploring smart‑city projects like Gelephu Mindfulness City to further embed digital and green infrastructure. Challenges remain. Regulatory clarity for cryptocurrencies in Bhutan is still evolving, and full infrastructure rollout in remote areas will test logistics and connectivity. Moreover, sustainability will depend on maintaining the balance between technological advancement and the country's core value of environmental stewardship.
Finextra
09-05-2025
- Business
- Finextra
Bhutan launches world's first national-level crypto tourism payment system
Bhutan has joined forces with Binance and DK Bank to become the first country to roll out a national-level crypto payments system for tourists. 0 Travelers to the South Asian country can use crypto via Binance Pay to pay for everything from airline tickets to tourist visas to hotel bookings to tour guides to fresh fruit from roadside vendors. Payments in more than 100 cryptocurrencies can be made via static and dynamic QR codes, powered by DK Bank, Bhutan's first fully digital lender. So far more than 100 merchants are onboard. Richard Teng, CEO, Binance, says: "We are excited to partner with Bhutan as we are not only advancing the use of cryptocurrencies in travel but also setting a precedent for how technology can bridge cultures and economies." Damcho Rinzin, director, department of tourism, Bhutan, adds: "This is more than a payment solution — it's a commitment to innovation, inclusion, and convenience."
Yahoo
07-05-2025
- Business
- Yahoo
Bhutan partners with Binance to launch first tourism crypto payments
Bhutan, the South Asian country located in the Himalayan region, has partnered with Binance Pay and the country's fully digital DK Bank to launch a national-level crypto payment system for tourism. The partnership marks the first time a tourism product has accepted cryptocurrency at a national level. Tourists can avail a range of tourism services, including flight and hotel tickets, visa and Sustainable Development Fee (SDF) fees, monument entry fees, and local shopping, using Binance Pay via static and dynamic QR code payments. More than 100 merchants in Bhutan are now live with Binance Pay and DK Bank. The service supports more than 100 cryptocurrencies, including Bitcoin, BNB, and USDC. The pioneering crypto payments system lets tourists avail themselves of a seamless and fully integrated travel experience system across immigration, stay, and shopping while in Bhutan. Binance CEO Richard Teng said, "We are excited to partner with Bhutan as we are not only advancing the use of cryptocurrencies in travel but also setting a precedent for how technology can bridge cultures and economies." 'This is more than a payment solution — it's a commitment to innovation, inclusion, and convenience,' said Damcho Rinzin, Director of the Department of Tourism, Bhutan. 'It enables a seamless experience for travellers and empowers even small vendors in remote villages to participate in the tourism economy.' Bhutan is a picturesque nation located amidst the Himalayas that offers tourists an opportunity to experience its rich natural beauty and unique cultural traditions. The country is also well-known for its dynamic crypto mining industry. It holds 12,062 BTC worth $1.17 billion at the time of writing.
Finextra
07-05-2025
- Business
- Finextra
Bhutan turns to Binance Pay for national crypto payment system for toursim
Bhutan is pioneering the future of travel by becoming the first nation to implement a national-level crypto payment system for tourism. 0 Bhutan's innovative mechanism allows travelers with Binance accounts to experience truly cashless journeys. In collaboration with Binance Pay and Bhutan's fully digital DK Bank, this initiative offers travelers using Binance Pay a seamless, secure, and flexible end-to-end payment experience. More than 100 merchants are now live with DK Bank and Binance Pay. From booking flights to purchasing fresh fruit from roadside vendors, visitors can enjoy the convenience and efficiency of digital transactions throughout their journey. This innovative model allows Binance Pay users to pay for nearly every part of their Bhutan journey using supported cryptocurrencies. This includes airline tickets to Bhutan, tourist visa and Sustainable Development Fee (SDF), hotel bookings, tour guides, monument entry fees, local shopping, and more — all settled quickly and securely through static and dynamic QR code payments. Known as the 'Kingdom of Happiness,' Bhutan prioritizes Gross National Happiness (GNH) over GDP, focusing on sustainability, cultural preservation, and societal well-being. This pioneering collaboration with Binance Pay and DK Bank furthers that vision by harnessing digital innovation to enhance travel experiences, empower local communities, and unite tradition with technology. Key highlights: Seamless Experience: Use crypto for all travel-related expenses, from flight tickets and visas to local purchases. Tourism First: A fully integrated system across immigration, travel agents, hotels, guides, and retail. Inclusive Reach: Enables small vendors in remote areas to accept QR code payments. Powered by DK Bank: Supported by Bhutan's first fully digital bank. Lower Fees: Significantly cheaper than traditional payment methods, with 0 gas fees Immediate Transactions: Seamless crypto-powered immediate transactions for tourists Comprehensive Support: Accepts more than 100 cryptocurrencies, including BNB, BTC, USDC Secure Transactions: Features encrypted transactions, 2FA, and real-time confirmations via the Binance application. Richard Teng, CEO of Binance, said: 'We are excited to partner with Bhutan as we are not only advancing the use of cryptocurrencies in travel but also setting 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.' 'This is more than a payment solution — it's a commitment to innovation, inclusion, and convenience,' said Damcho Rinzin, Director of the Department of Tourism, Bhutan. 'It enables a seamless experience for travellers and empowers even small vendors in remote villages to participate in the tourism economy.' The partnership marks the first time a tourism product has accepted cryptocurrency at a national level. It addresses common barriers to digital payments, such as high transaction fees and limited merchant acceptance, by offering a low transaction fee and prompt settlements. Real-time notifications further ensure transparency for both merchants and visitors. DK Bank, Bhutan's first fully digital bank—is powering the local settlement mechanism. Licensed by the Royal Monetary Authority of Bhutan, DK Bank brings modern technology and innovation to deliver seamless, secure, and accessible financial services to all strata of society, especially those marginalized and unbanked. Binance Pay is a seamless, borderless, and secure cryptocurrency payment feature on the Binance app, allowing users and merchants to pay, send and receive crypto worldwide without incurring gas fees. With support for over 300 cryptocurrencies, it caters to more than 40 million active users and 32,000 merchants. Trusted by over 270 million users across 100+ countries, Binance stands as the world's largest cryptocurrency exchange by trading volume and registered users. The Department of Tourism of Bhutan is responsible for the development and promotion of sustainable tourism in Bhutan. It works to share the Kingdom's remarkable places, people and experiences with conscious travellers, guided by the principles of high-value, low-volume tourism.
Cision Canada
07-05-2025
- Business
- Cision Canada
Bhutan and Binance Pay partner to launch world's first national-level crypto tourism payment system
THIMPHU, Bhutan, May 7, 2025 /CNW/ -- Bhutan is pioneering the future of travel by becoming the first nation to implement a national-level crypto payment system for tourism. Bhutan's innovative mechanism allows travelers with Binance accounts to experience truly cashless journeys. In collaboration with Binance Pay and Bhutan's fully digital DK Bank, this initiative offers travelers using Binance Pay a seamless, secure, and flexible end-to-end payment experience. More than 100 merchants are now live with DK Bank and Binance Pay. From booking flights to purchasing fresh fruit from roadside vendors, visitors can enjoy the convenience and efficiency of digital transactions throughout their journey. This innovative model allows Binance Pay users to pay for nearly every part of their Bhutan journey using supported cryptocurrencies. This includes airline tickets to Bhutan, tourist visa and Sustainable Development Fee (SDF), hotel bookings, tour guides, monument entry fees, local shopping, and more — all settled quickly and securely through static and dynamic QR code payments. Known as the "Kingdom of Happiness," Bhutan prioritizes Gross National Happiness (GNH) over GDP, focusing on sustainability, cultural preservation, and societal well-being. This pioneering collaboration with Binance Pay and DK Bank furthers that vision by harnessing digital innovation to enhance travel experiences, empower local communities, and unite tradition with technology. Key highlights: Seamless Experience: Use crypto for all travel-related expenses, from flight tickets and visas to local purchases. Tourism First: A fully integrated system across immigration, travel agents, hotels, guides, and retail. Inclusive Reach: Enables small vendors in remote areas to accept QR code payments. Powered by DK Bank: Supported by Bhutan's first fully digital bank. Lower Fees: Significantly cheaper than traditional payment methods, with 0 gas fees Immediate Transactions: Seamless crypto-powered immediate transactions for tourists Comprehensive Support: Accepts more than 100 cryptocurrencies, including BNB, BTC, USDC Secure Transactions: Features encrypted transactions, 2FA, and real-time confirmations via the Binance application. Richard Teng, CEO of Binance, said: "We are excited to partner with Bhutan as we are not only advancing the use of cryptocurrencies in travel but also setting 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." "This is more than a payment solution — it's a commitment to innovation, inclusion, and convenience," said Damcho Rinzin, Director of the Department of Tourism, Bhutan. "It enables a seamless experience for travellers and empowers even small vendors in remote villages to participate in the tourism economy." The partnership marks the first time a tourism product has accepted cryptocurrency at a national level. It addresses common barriers to digital payments, such as high transaction fees and limited merchant acceptance, by offering a low transaction fee and prompt settlements. Real-time notifications further ensure transparency for both merchants and visitors. DK Bank, Bhutan's first fully digital bank—is powering the local settlement mechanism. Licensed by the Royal Monetary Authority of Bhutan, DK Bank brings modern technology and innovation to deliver seamless, secure, and accessible financial services to all strata of society, especially those marginalized and unbanked. Binance Pay is a seamless, borderless, and secure cryptocurrency payment feature on the Binance app, allowing users and merchants to pay, send and receive crypto worldwide without incurring gas fees. With support for over 300 cryptocurrencies, it caters to more than 40 million active users and 32,000 merchants. Trusted by over 270 million users across 100+ countries, Binance stands as the world's largest cryptocurrency exchange by trading volume and registered users.
