Bhutan News

Bhutan’s unique naming culture and values of sovereignty make it a strong candidate for adopting blockchain-based identity systems.

Bhutan’s government has moved $74 million in Bitcoin to Binance over two weeks, possibly cashing in as the asset hits new all-time highs.

Damcho Rinzin, the director of Bhutan’s Department of Tourism, said the sector has struggled because of its payment infrastructure.

Binance CEO Richard Teng said crypto aligns with Bhutan’s happiness-first policy, highlighting financial freedom and innovation during a visit to the Himalayan kingdom.

Cointelegraph is in the Kingdom of Bhutan to check the state of crypto adoption in the eastern Himalayan country.

Bhutan’s tourism department and Binance said the new venture is the “world’s first national-level crypto tourism payment system.”

The main wallet for the Bhutan government still holds $890 million worth of cryptocurrency, 99.9% of which is Bitcoin.

Bhutan’s Gelephu Mindfulness City wants to set up a strategic reserve with several established cryptocurrencies.

El Salvador and Bhutan see major gains in Bitcoin holdings as BTC nears $90,000, increasing the value of their crypto assets by millions amid the latest market rally.

Bhutan holds another $886 million worth of Bitcoin, which could introduce more selling pressure, as the country has been mining and holding Bitcoin for over five years.

Bhutan’s experience with mining Bitcoin could serve as a powerful example for other developing nations that seek to improve their economies. 

Bhutan’s investment arm, Druk Holdings, holds more than 13,000 BTC, which is more than double El Salvador’s stash.