Bhutan to launch world's first crypto tourism payment system
New developments are taking place every day regarding cryptocurrency adoption in India's neighboring countries. In this episode, a big news has come from India's friend Bhutan, which is going to start the world's first crypto tourism payment system. For this, Bhutan has partnered with the world's largest cryptocurrency exchange Binance.
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How will this Crypto Tourism Payment System work
Binance Pay and Bhutan's DK Bank have come together to start this payment system. With the help of this new system, tourists will be able to make payments to Bhutan's merchants in cryptocurrency with the help of Binance Pay. These include more than 100 airlines, hotels and local merchants. DK Bank will settle these payments in the local currency Ngultrum. In this way, this payment is going to be completely cashless and cardless. With this, Bhutan will become the first country in the world to implement such a crypto payment system at the national level.
What does this initiative of Binance and Bhutan mean for the world
This initiative started by Binance and Bhutan can emerge as a solution to an important problem in the global currency system. For example, at present, if any person travels to another country, he has to go through the process of currency exchange. But this system to be started by Bhutan will allow tourists to make payments without any physical currency exchange process. In such a situation, this step also has the potential to completely change the global currency system.
Bhutan emerging as a crypto friendly country
Bhutan is among the top five countries in the world in terms of Bitcoin holding. Along with this, Bhutan is also doing green crypto mining using hydro power, which is a solution to the pollution caused by crypto mining. At the same time, by allowing crypto payment system at the national level, Bhutan has put forward the solution of a major problem faced during travel at the international level. Along with this, small countries of South Asia are constantly working to take advantage of the potential of cryptocurrency, like Maldives recently announced to build a crypto hub in Male.
Conclusion
This initiative of Bhutan shows that cryptocurrency can be adopted by creating a balance between technology and environment. With the initiative of launching the world's first national level crypto tourism payment system, Bhutan has set a new benchmark in the field of digital innovation. This will not only benefit the tourism sector but will also simplify the complexities of global currency exchange. At a time when many countries are showing strictness on crypto, this move of Bhutan can become an inspiration for other countries on how to adopt technology in a progressive and practical way.