Bhutan Partners with Binance Pay for Its Tourism Ecosystem
Bhutan has partnered with Binance Pay to facilitate cryptocurrency payments for tourists, allowing them to pay for various services including airline tickets, visa fees, hotel stays, and local food. The integration involves over 100 different cryptocurrencies and settles transactions in the local currency, Ngultrum (BTN), via DK Bank. This cashless payment system is expected to support local small businesses, which often lack the infrastructure for traditional payment methods. The initiative aligns with Bhutan's shift towards adopting pro-crypto policies, as the nation has accumulated a significant Bitcoin reserve and aims to enhance tourism revenues to represent a larger portion of its economy. The move also seeks to alleviate common travel inconveniences such as high transaction fees and limited international card acceptance.
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