Bhutan turning to crypto for better economy.

[tabas]

Just recently, it's reported that Bhutan has partnered with Binance for a massive adoption for their tourism to attract more people come to them and pay with the use of the said service.

In the articles written ThePaypers[1] and Reuters[2], it's for their entire nation's bet that will likely help their economy to get up. They're one of the countries that are getting fewer tourists per year, and maybe this one will do. In the said article of Reuters, they're considering hydropower to mine Bitcoin. We're starting to see that these governments can no longer ignore what Bitcoin and the whole crypto market can contribute to the growth of their economy and how it can create opportunities that shall make new jobs too.

"Bitcoin has not just given more value to hydropower energy, it has also increased access to liquidity in foreign currency," said Dahal, who added that training Bhutan's young people in blockchain and AI techniques would fuel jobs.

[1] Bhutan launches national crypto payments for tourism
[2] Bhutan turns to 'green' cryptocurrency to fuel economy

[Alpha Marine]

As much as this is a good development, I don't see how it's going to change their tourism issues. They have to look at the reason their tourism sector has been declining. Why is the number of people visistig the country reducing? It defiantly not because they had a payment system that was not as good as Bitcoin.
Bitcoin wont solve those kind of problems. Of course, it might helo with bitcoin adoption, but from their own side, what do they stand to gain, realistically speaking? It may attract a couple of bitcoin ethusiats to go see how the system works, but that's it, a couple of tourist wont solve the problem.

Bitcoin is a currency  (and an asset), a more superior currency than the rest, of course, but its still a currency and it won't solve the economic problems of a state on its own.

[Die_empty]

Giving tourists alternative payment systems can increase the number of tourists since some might want to pay with cryptocurrencies. El Salvador welcomed about 3.9 million visitors in 2024, which was 700k higher than in 2023. But the reason for this surge cannot only be traced to the adoption of Bitcoin but also to the reduction of crime and other factors.

Bhutan will attract more tourists not just because cryptos are accepted but by improving its infrastructure. People wouid want to visit a place where they can have access to basic amenities. Including crypto payment is a plus, but more work needs to be done.

[Arenga pinnata]

(Sourch: https://bitbo.io/treasuries/countries/)

As a country that produces a lot of bitcoin from mining, I would not be surprised if this country also takes various steps to collaborate with various crypto platforms or with crypto companies such as the largest exchange currently, namely Binance. Because yes, I think the steps taken by this country will eventually be followed by many other countries, especially regarding utilizing natural energy to mine bitcoin.

But I don't think launching crypto payments will be enough to attract more tourism. It's just that this is enough to make things easier for those of us who prefer to use crypto for payments. And yes, it is clear that as this country continues to develop its bitcoin mining, it will automatically require many workers who are experts in this field and yes, that opens up job vacancies for those who are experts in this field.

Currently this country is even included in the list of those that have quite a lot of bitcoin. And Bhutan is different from other countries that have confiscated bitcoins. Bhutan actually gets it from mining bitcoin. And Bhutan's bitcoin holdings currently stand at 13,029 Bitcoins.

(Sourch: https://bitbo.io/treasuries/countries/)

[_act_]

I like this topic but the title of the topic is not kind of correct at all because Bhutan has been friendly with bitcoin since few years ago. Bhutan government has been into bitcoin mining since last year or last two years. It is the country known how friendly it is to bitcoin after El Salvador. Even if you make searches on this forum about the country, you will see many threads about the country.

[hyudien]

Bhutan is a small country with its natural beauty but I heard they have strict policies on tourism maybe this is the reason why they have problems in the tourism sector. But I am quite happy if they cooperate with binance, and this national crypto-based tourism payment system is the first in the world, tourists will be facilitated in paying when visiting there, hopefully with the steps they take now they can develop their national economy.

[Minor Miner]

Bhutan is a country with abundant hydroelectric power and they have been using this hydroelectric power to mine bitcoin since 2019.

It is true that bitcoin has made significant contributions to the economy of a country of just over 700,000 people, but those profits come from mining and selling bitcoin, they have never spent large sums of money buying and holding it. Meanwhile, not every country has a big advantage like Bhutan, not every country has abundant hydropower resources to the point of surplus for bitcoin mining. So, we cannot just rely on the special case of Bhutan and assume that bitcoin can help or improve the economy of any country in the world.

[YOSHIE]

Just recently, it's reported that Bhutan has partnered with Binance for a massive adoption for their tourism to attract more people come to them and pay with the use of the said service.

I am curious and wondered what's wrong with the world economy in the future, I have seen many countries switching/adoption of Bitcoin, the umpteenth bhutan turned to Bitcoin.

Indonesia does not want to succumb to the beginning of knowing 2026 Indonesia wants to have 20% of Bitcoin adoption for state reserves, what actually happenedMany countries oppose Bitcoin beforea Instead, it revealed direction to support Bitcoin the reason to stabilize the economy, whether Bitcoin will be a resolution of the world economy going forward.

[doomloop]

Bhutan is a small country with its natural beauty but I heard they have strict policies on tourism maybe this is the reason why they have problems in the tourism sector. But I am quite happy if they cooperate with binance, and this national crypto-based tourism payment system is the first in the world, tourists will be facilitated in paying when visiting there, hopefully with the steps they take now they can develop their national economy.

Yes it is a good news but, it will be still more effective if they will also untighten their strictness. Even though we are not from there, we might still visit them one day and it will now be easy for us, as we can just use our cryptos with of course the help of Binance. This brings adoption to the cryptos. If the results they get is pleasing, then there is also a chance for other countries to follow this.

I remember there is one place in my country that supports crypto before and people are going there only to experience it. Though having a national support for crypto doesn't mean that the place can now get less visitors. They still can as there are still beautiful sceneries there. Same can be applied with the other countries and places there.

[Ever-young]

Crypto for better economy? Any crypto lover can choose to travel to which ever crypto friendly country that they want what will make them choose Bhutan is base on what it have to offer to them it’s beyond just crypto payment acceptance their should be something to attract tourists to the country, but it’s a great step they have started and it also shows their continuous support for crypto over the years as they have taken the likes of El Salvador involvement in bitcoin.

If they have a friendly policy for foreigners who might want to explore in their country and a safe zone for any kind of legal business I believe this will just be an additional move people love to travel to where they feel safe and wanted so that as they give to the country they will also have something to benefit from same country.

[cabron]

Its a remote country up in the mountain though and if there is to visit there it would be for the pilgrims. There are places nearby like the Tibet which is full of culture as well like Bhutan.  Promoting the acceptance of Bitcoin or crypto is a great way of attracting tourist in the country if only if adoption is widely happening to every human.

As far as I know they are using that hydroelectric power to mine Bitcoin, it was in the news years ago.

[avikz]

Just recently, it's reported that Bhutan has partnered with Binance for a massive adoption for their tourism to attract more people come to them and pay with the use of the said service.

In the articles written ThePaypers[1] and Reuters[2], it's for their entire nation's bet that will likely help their economy to get up. They're one of the countries that are getting fewer tourists per year, and maybe this one will do. In the said article of Reuters, they're considering hydropower to mine Bitcoin. We're starting to see that these governments can no longer ignore what Bitcoin and the whole crypto market can contribute to the growth of their economy and how it can create opportunities that shall make new jobs too.

"Bitcoin has not just given more value to hydropower energy, it has also increased access to liquidity in foreign currency," said Dahal, who added that training Bhutan's young people in blockchain and AI techniques would fuel jobs.

[1] Bhutan launches national crypto payments for tourism
[2] Bhutan turns to 'green' cryptocurrency to fuel economy

It's not a new one but yes, it's an important one! Instead of celebrating large volume buying from big corporates, this is an adoption related news that the community really need to celebrate. I have been to Bhutan and it's an amazing country.

Since they do not have a huge amount of land mass, they usually rely on alternatives like tourism. I hope their move to adopt Bitcoin will help them to get their financials back on track.

Some people is referring to safety concerns. I can tell them, Bhutan is safer than most of European countries.

[AVE5]

Just recently, it's reported that Bhutan has partnered with Binance for a massive adoption for their tourism to attract more people come to them and pay with the use of the said service.

Interesting and I bet the impact of this strategy isn't just about the Bhutanese government to promote bitcoin but as well contribute to their national economy because with that coalition with the blockchain giving access for foreigners to pay with bitcoin or other cryptocurrencies, it'd as well attract foreign investors to the states where investors can always process their service payments just with their wallets without using the central banking system which of course tourists might not find comfortable dealing with as it may get them exposed where they're interested of keeping a private mode.

[kotajikikox]

Just recently, it's reported that Bhutan has partnered with Binance for a massive adoption for their tourism to attract more people come to them and pay with the use of the said service.

When I hear news like this, I do feel a bit regretful that my country has banned binance. Looking at other countries they seem to be doing the most out of what they have. I know that a lot of my countrymen use binance so it’s really a waste.

In the articles written ThePaypers[1] and Reuters[2], it's for their entire nation's bet that will likely help their economy to get up. They're one of the countries that are getting fewer tourists per year, and maybe this one will do.

Using crypto can definitely help. I know a lot of people from first world countries that visit developing countries just to see how bitcoin is being used or if there’s any unique technology or project in the country they tend to want to visit.

[STT]

It defiantly not because they had a payment system that was not as good as Bitcoin.

Quite a few countries in Asia will be lacking dollars, in some part BTC could be a dollar substitute and more useful then we realize it to be in the west.    Thats presuming there is a better circulation and trade in BTC across asia, I dont know but its popular globally so its possible that for at least some people they would far rather pay in BTC then let go of Dollars they require for other international trade.

[tabas]

Giving tourists alternative payment systems can increase the number of tourists since some might want to pay with cryptocurrencies. El Salvador welcomed about 3.9 million visitors in 2024, which was 700k higher than in 2023. But the reason for this surge cannot only be traced to the adoption of Bitcoin but also to the reduction of crime and other factors.

Bhutan will attract more tourists not just because cryptos are accepted but by improving its infrastructure. People wouid want to visit a place where they can have access to basic amenities. Including crypto payment is a plus, but more work needs to be done.

They don't have a lot of tourists yearly so, this could be one of the campaigns that they have to attract more tourists. And just like El Salvador, when the adoption of crypto has increased, this has given them more tourists come to them because of that adoption.

I like this topic but the title of the topic is not kind of correct at all because Bhutan has been friendly with bitcoin since few years ago. Bhutan government has been into bitcoin mining since last year or last two years. It is the country known how friendly it is to bitcoin after El Salvador. Even if you make searches on this forum about the country, you will see many threads about the country.

The highlight actually is about their economy and acceptance of crypto through Binance Pay for their tourism. But you're right that they have been crypto friendly for so long and also about the mining, I've added it to the news for everyone to appreciate what Bhutan has been doing lately.

Some people is referring to safety concerns. I can tell them, Bhutan is safer than most of European countries.

Based on the 2024 Global Peace Index, Bhutan is on the #21st peaceful country out of 163 countries in the list.

[BlackBoss_]

(Sourch: https://bitbo.io/treasuries/countries/)

Currently this country is even included in the list of those that have quite a lot of bitcoin. And Bhutan is different from other countries that have confiscated bitcoins. Bhutan actually gets it from mining bitcoin. And Bhutan's bitcoin holdings currently stand at 13,029 Bitcoins.

You can have more details and even real time on chain information from Arkham Intelligent.

Bhutan gets bitcoin by Bitcoin mining from their abundant hydro power that they did not sell to neighbor countries but decided to keep for Bitcoin mining. It's their smart decision and rather than selling their unused electricity to neighbors, they keep it for mining and get bitcoins as their national investment in very long term.

https://www.arkhamintelligence.com/research/royal-government-of-bhutan-btc-holdings
https://intel.arkm.com/explorer/entity/druk-holding-investments

[justdimin]

As a country that produces a lot of bitcoin from mining, I would not be surprised if this country also takes various steps to collaborate with various crypto platforms or with crypto companies such as the largest exchange currently, namely Binance. Because yes, I think the steps taken by this country will eventually be followed by many other countries, especially regarding utilizing natural energy to mine bitcoin.

But I don't think launching crypto payments will be enough to attract more tourism. It's just that this is enough to make things easier for those of us who prefer to use crypto for payments. And yes, it is clear that as this country continues to develop its bitcoin mining, it will automatically require many workers who are experts in this field and yes, that opens up job vacancies for those who are experts in this field.

Currently this country is even included in the list of those that have quite a lot of bitcoin. And Bhutan is different from other countries that have confiscated bitcoins. Bhutan actually gets it from mining bitcoin. And Bhutan's bitcoin holdings currently stand at 13,029 Bitcoins.

El Salvador is behind Bhutan? But they started so early, apparently they did not put that much money into this? In any case, Bhutan looks like they would end up with a lot better result this way, it looks like we are going to get a greater return every single time. I get that we are going to have many nations that go into buying bitcoin, but the ones who start early have a bigger chance. USA seems at the top, which is normal, and China looks at the second place, which is mimicking the real world power.

But Russia not even being on that list is funny, they may not be telling people how much they have, so we do not know their number, but I am 100% sure that Russia definitely holds some bitcoin, there is absolutely no doubt, probably ranked third or fourth.

[shinratensei_]

Great move and honestly, country like bhutan should be the one that benefited most by adopting bitcoin early and not the big countries, it can help them in so many ways, even their mining has shown outstanding result.
Recently there are more and more smaller countries who want to adopt bitcoin on the premise of improving their economy, it's such a fresh air knowing the adoption keep increasing year by year starting from the smaller countries.

At the very least, we are seeing more and more bitcoin friendly country compared to just decade ago, it's wild to me.
There's another also coming which is massive adoption by corporation and big companies around the world.

[₿itcoin]

As much as this is a good development, I don't see how it's going to change their tourism issues. They have to look at the reason their tourism sector has been declining. Why is the number of people visistig the country reducing? It defiantly not because they had a payment system that was not as good as Bitcoin.
Bitcoin wont solve those kind of problems. Of course, it might helo with bitcoin adoption, but from their own side, what do they stand to gain, realistically speaking? It may attract a couple of bitcoin ethusiats to go see how the system works, but that's it, a couple of tourist wont solve the problem.

Bitcoin is a currency  (and an asset), a more superior currency than the rest, of course, but its still a currency and it won't solve the economic problems of a state on its own.

Bhutan is very well known for its tourism industry.
If Bhutan can sustainably establish Bitcoin as the payment method for its tourism sector, it will also have a huge impact on its economy. what is just caught everyone's eye Bhutan is trying to convert natural resources to mine Bitcoin, excellent idea! !

Yeah, Bhutan is not yet a developed country, seems underdeveloping one. so they cannot easily adopt Bitcoin in their tourism payment system due to a lack of tech & resources. so they need to upgrade themselves to be technologically advanced. if they prove themselves by developing those Green Mining, they will create a role model for the world, which will also attract a lot of tourists as well as investors too.