Copyright businessbhutan
When Bhutan announced its partnership with Binance Pay and Digital Kidu (DK) Bank earlier this year, it made global headlines. The initiative – the world’s first national-level crypto tourism payment system – was hailed as a bold leap into the future of finance. Yet three months on, adoption on the ground tells a different story. In Thimphu and Paro, handicraft and souvenir shop owners report little to no use of Binance Pay. Apart from one or two isolated transactions by tourists, most say the platform has barely been touched. Instead, cash remains king, with card payments filling the gap. Several handicraft and souvenir shops in Thimphu and Paro shared that, apart from one or two transactions by national and international tourists, Binance Pay has hardly been used. Most businesses continue to rely heavily on cash and, to some extent, card payments, with crypto yet to gain a traction in the market. Thinley Dorji, owner of Yoesel Handicraft in Paro, said that not a single tourist has paid through Binance Pay at his shop so far. “It feels the same as before with no difference. For me, it’s easy to handle crypto payments, but poor internet is the main problem. I even provide Wifi facilities, but until today, no tourist has made payment using the scan,” he said. Om Raj Rai from Peljoring Private Limited also shared that they recently enabled Binance Pay at their shop. “But no transaction has taken place so far. We feel it will improve in the future as customers become more aware of the payment mode,” he added. At Pem Choden Handicraft, the Binance Pay option remains unused due to issues with an unknown account number. The shopkeeper said that, for the time being, they have stopped accepting Binance payments. Other businesses in Thimphu reported similar experiences. A shopkeeper at Gayserling Handicrafts said Binance Pay has not been used even once since its introduction. She added that most buyers still prefer cash or card payments. Similarly, the owners of Seldon Tshongkhang and Lhasang Tshongkhang said almost all transactions are still carried out in cash or by card. They noted that a few Indian tourists had shown interest in paying through Binance Pay, but technical issues with the QR code scanners prevented the payments from going through. At Norbu Wangmo Tshongkhang, one Bhutanese customer made a single purchase worth about USD 16 using Binance Pay. The owner said that over the past two to three months, she has been informing customers about the option, but nobody has used it. “They all prefer cash or card payments,” she said. At the Cottage and Small Industry (CSI) Market, the system has seen slightly more activity, with two international tourists and one local customer making payments using Binance Pay. However, the official at the market shared that most customers still rely on card or cash payments. Meanwhile, the Royal Government of Bhutan, in partnership with Binance Pay and DK Bank, launched the world’s first national-level crypto tourism payment system. The initiative enables travelers with Binance accounts to pay for virtually every part of their journey in Bhutan using digital assets—from airline tickets and visa fees to hotel stays, monument entry, tour guides, and even fresh fruit from roadside stalls. With the Binance app, travelers can use dynamic or static QR codes to complete secure transactions in real time. The system supports over 100 crypto currencies, including BNB, BTC, and USDC, and settles instantly in local currency through DK Bank. This approach not only simplifies travel logistics but also removes some of the most persistent pain points in cross-border tourism, such as high transaction and currency exchange fees and limited acceptance of international cards. Because Binance Pay already supports more than 300 cryptocurrencies and serves tens of millions of users across more than 100 countries, it is uniquely positioned to power an experience like this at a national scale—reliably, securely, and without gas fees. The partnership does more than modernize payment systems. It creates new economic pathways for Bhutanese communities, especially small vendors and rural artisans who may never have had access to card terminals or digital payment infrastructure. Bhutan’s model is also the first to offer a fully integrated, end-to-end crypto payment system at the national level. It addresses previous limitations by offering real-time confirmations, near-zero fees, and a fully licensed local bank handling settlements on the ground. DK Bank, Bhutan’s first fully digital bank, is licensed by the Royal Monetary Authority of Bhutan. Its mission is to deliver accessible financial services across all segments of Bhutanese society, including those who have historically been excluded from the traditional banking system. This partnership brings that mission to life in a high-impact sector: tourism. Yet on the ground, cash and card payment still dominates. Moreover, most shopkeepers have not experienced any meaningful change in customer spending or payment behavior since the introduction of Binance Pay. Despite this, there is optimism that the system will gradually gain popularity among both international tourists and local customers as awareness and familiarity with crypto payments grow. Nidup Lhamo From Thimphu
