Amid the serene backdrop of misty mountains and ancient monasteries, cryptocurrency is steadily weaving its way into daily life in Bhutan.
As part of the Binance Crypto-Powered Tour, Cointelegraph explored the capital city of Thimphu and the culturally rich district of Paro to gauge local interest in digital assets. What they found was a growing acceptance of crypto payments among both residents and tourists.
At Changyul Park and a prominent four-star hotel, Cointelegraph observed people using cryptocurrency to make everyday purchases—just months after Binance introduced its crypto payment services in the country.
On May 7, Binance Pay partnered with Bhutan’s DK Bank, enabling users with Binance accounts to pay for flights, hotel bookings, visas, Sustainable Development Fees, and even street food using Bitcoin, BNB, USDt, and other digital currencies.
According to DK Bank President Ugyen Gelchen, nearly 1,000 merchants across Bhutan have already joined the program, signaling a promising shift toward mainstream crypto adoption.
Bhutanese citizens are just beginning to explore and understand cryptocurrency
Although crypto payments are gaining traction, much of Bhutan’s economy still relies heavily on cash, local tour guide Kuenley Dorjee told Cointelegraph.
He noted that while many are just beginning to grasp the concept of cryptocurrency, there is a strong enthusiasm for embracing digital change.
“It’s much easier to use and the fees are lower,” said Dorjee, praising the rise of crypto in Bhutan. He credited the country’s monarch, King Jigme Khesar Namgyel Wangchuck, for fostering a culture of innovation.
Bhutan’s forward-thinking approach to cryptocurrency has taken shape under the leadership of King Jigme, known as the “Druk Gyalpo” or “Dragon King.” His reign has seen the launch of state-backed initiatives like hydro-powered Bitcoin mining and the accumulation of more than 12,000 BTC in national holdings.
In 2023, local reports revealed that Bhutan began mining Bitcoin with its abundant hydropower as early as 2019—when the price of BTC hovered around $5,000. More recently, on January 8, the Gelephu Special Administrative Region (SAR), also called the Gelephu Mindfulness City (GMC), announced plans to establish a strategic crypto reserve.
Unstable Internet Poses Challenge to Crypto Adoption
Despite a surge in interest, unreliable internet connectivity remains a major hurdle for crypto adoption in Bhutan. Cointelegraph experienced frequent WiFi disruptions in both Paro and Thimphu, with other participants on the crypto tour reporting similar issues.
Local Reddit threads have also drawn attention to the problem, with one user describing Bhutan’s internet as “horrendously slow, tedious, and requiring all the patience in existence.”
Because crypto transactions rely on stable internet connections, these disruptions can hinder the smooth use of digital payments.
However, there is optimism on the horizon. On February 17, satellite internet provider Starlink officially launched in Bhutan, as reported by the Bhutan Broadcasting Service. The service is expected to deliver speeds of 100–200 Mbps, potentially resolving many of the country’s connectivity challenges.
In a recent media roundtable, Gelephu-based DK Bank executive Ugyen Gelchen called Starlink a “blessing” for Bhutan, emphasizing that fast and reliable internet is crucial for processing crypto payments. While acknowledging that infrastructure still has room to grow, he said the country is moving in the right direction.
