In recent months, Bhutan has been experiencing an increase in interest in cryptocurrencies, driven by the launch of crypto payments by Binance. Despite positive changes such as the rising number of merchants accepting crypto, internet connectivity issues continue to hinder further development.
Rise of Interest in Cryptocurrency in Bhutan
During the Binance Crypto-Powered Tour in Bhutan, Cointelegraph visited the capital city Thimphu and the popular tourism district of Paro to gauge local interest in cryptocurrency. Users can now utilize Bitcoin, BNB, and other cryptocurrencies to pay for various services including hotels and visas. DK Bank President Ugyen Gelchen reported that nearly 1,000 merchants have signed up to participate in the program.
Education and Awareness about Cryptocurrency
While crypto payments are gaining popularity, many citizens of Bhutan are only beginning to understand the concept of digital currencies. Local tour guide Kuenley Dorjee noted that people are eager to embrace digital transformation and understand the benefits of using cryptocurrency such as lower fees. Government support, particularly from King Jigme Khesar Namgyel Wangchuck, is fostering innovation.
Internet Connectivity Issues
Unstable internet connectivity is a major barrier to the widespread adoption of cryptocurrency. Tour participants reported issues with WiFi, making it difficult to use crypto payments. Plans to launch Starlink satellite internet in the country may help resolve these issues, but the infrastructure is still insufficient to fully support digital services.
Thus, while Bhutan shows positive changes in cryptocurrency adoption such as growing interest and government support, technical issues surrounding internet connectivity remain a significant hurdle that needs to be addressed.
