Bhutan is turning to crypto tourism to strengthen its local economy, attracting digital asset enthusiasts with blockchain events, incentives, and innovation.
According to Damcho Rinzin, director of Bhutan’s Department of Tourism, the business has suffered due to weak payment infrastructure.
The Kingdom of Bhutan is incorporating bitcoin payments into its tourism infrastructure to modernize its economy and draw in younger, tech-savvy tourists.
The director of Bhutan’s Department of Tourism, Damcho Rinzin, informed the audience during a panel discussion at Binance’s Crypto-Powered Tour in the country that the nation’s payment infrastructure has long been a problem for the country’s tourism industry.
On May 7, Binance Pay collaborated with DK Bank, a local bank, to allow users to utilize cryptocurrency for bill payment in the country. During the panel discussion, Ugyen Tenzin, president of DK Bank, stated that around 1,000 retailers nationally had been onboarded to accept the payment option.
Tourists who used bank wire transfers in Bhutan referred to them as “a thing of the past,” according to Rinzin’s feedback. He claimed that by using cryptocurrency, the nation may remove obstacles in its payment system and make it more accessible to contemporary tourists.
Taking cryptocurrency payments conveys a “welcoming” message.
Rinzin sees cryptocurrency as a branding opportunity for the Himalayan kingdom in addition to being convenient. He says, “This sends a powerful message that Bhutan is very welcoming.”
He went on to say that accepting cryptocurrency entails being receptive to a new type of traveler. According to Rinzin, allowing cryptocurrency shows that the monarchy welcomes youthful, progressive tourists who share its objective for ecological and thoughtful travel.
Rinzin also mentioned the modest target of 300,000 users each year. According to him, the tourism industry should benefit from DK Bank’s integration with Binance Pay since it would strengthen the local economy by drawing some of the millions of cryptocurrency exchange users.
He also contrasted the costs of cryptocurrency payments with those of conventional banking institutions. According to Rinzin, the cryptocurrency’s almost instantaneous payments and reduced fees make it more effective than the country’s current payment methods.
In Bhutan, he stated, “Digital inclusion is going to do wonders for people not only in the tourism industry but also in other industries.”
Crypto complements Bhutan’s changing identity.
Carissa Nimah, the chief marketing officer of Bhutan’s Department of Tourism, expressed similar views in a roundtable discussion with the media during the visit. According to Nimah, Bhutan is “focused and visionary” in addition to being “traditional and authentic.”
She says the decision to accept cryptocurrency is consistent with the kingdom’s evolving identity. “This collaboration makes Bhutan accessible to a new group of tourists who wish to use cryptocurrency to travel. Bhutan, which is currently undertaking significant projects such as the Gelephu Mindfulness City, views the integration of cryptocurrency as part of a broader vision.
Nimah told the media, “I believe that digital currencies would play a huge part in the Gelephu Mindfulness City.”
Adoption is ongoing, even with the Tourism Department’s push for cryptocurrency. According to several local retailers who joined the program, Cointelegraph has not yet observed a high volume of clients utilizing the payment option.
A local tour guide said that he would advise against taking a strictly crypto strategy when traveling to Bhutan. According to the instructions, the easiest way to get around was still using credit cards, cash, and cryptocurrency.
