Bhutan's unique Gross National Happiness (GNH) philosophy, which prioritizes collective well-being over purely economic metrics, finds an unexpected ally in the world of cryptocurrency. This alignment was highlighted by Binance CEO Richard Teng during a recent visit to the Himalayan kingdom, where he participated in the Binance Crypto-Powered Tour.
Teng asserted that the values underpinning cryptocurrency resonate deeply with Bhutan's GNH principles. He emphasized that crypto is about financial freedom and inclusion, which can solve financial problems and improve individual well-being, particularly in areas with limited access to traditional financial services. Teng has met people who achieved financial independence through crypto assets, especially in underbanked regions, and believes Bhutan's crypto approach may lead to similar results.
Bhutan's GNH model, introduced in the 1970s, balances material and non-material values, recognizing that humans seek happiness. This encompasses emotional and spiritual well-being, embedding these values into the nation's way of life. While the fast-paced and speculative nature of cryptocurrency might seem contradictory to these grounded principles, Teng argued that the technology can uplift individuals and communities.
Bhutan has been progressively embracing cryptocurrency. The Gelephu Special Administrative Region (SAR), also known as Gelephu Mindfulness City (GMC), revealed plans to establish a strategic crypto reserve. Furthermore, Bhutan has been involved in hydro-powered Bitcoin mining since 2019 and holds crypto assets exceeding 12,000 BTC. In May 2025, Bhutan took a significant step by launching a national crypto tourism payment system in partnership with Binance Pay and DK Bank. This allows tourists to use cryptocurrencies like Bitcoin, BNB, and USDt to pay for flights, hotels, visas, and even street-side snacks. DK Bank president Ugyen Tenzin noted that almost 1,000 merchants had signed up to accept crypto as part of the program.
This initiative has made Bhutan the first country to officially integrate crypto payments into its national tourism policy. The system facilitates payments through over 100 cryptocurrencies, ensuring a seamless experience for international tourists and promoting financial inclusion for rural vendors. The adoption of crypto is credited to King Jigme Khesar Namgyel Wangchuck, who encourages innovation. A local tour guide noted that crypto is easier to use with better fees and people are starting to understand what crypto means and are eager to embrace digital transformation.
The integration of cryptocurrency aligns with Bhutan's "high-value, low-volume" tourism model, which charges a $100 nightly Sustainable Development Fee (SDF) to foreign visitors, which finances sustainable development. Crypto adoption is seen as a way to combine cultural preservation, environmental care, and financial innovation. Binance CEO Richard Teng praised the collaboration, emphasizing digital payments can bridge economies and empower local vendors.
While the former Binance CEO Changpeng Zhao (CZ) stepped down in November 2023 and was sentenced to four months in prison in April 2024 for failing to maintain an effective anti-money laundering program, the company has continued to expand its services. Zhao, who was succeeded by Richard Teng, agreed to pay a $50 million fine, and Binance agreed to pay $4.3 billion in fines. Despite these challenges, Binance continues to play a key role in Bhutan's crypto initiatives.
Bhutan's embrace of cryptocurrency signifies a commitment to technological innovation and a belief in its potential to enhance the well-being of its citizens. By integrating crypto with its GNH philosophy, Bhutan pioneers a unique model for societal and economic development, potentially setting a precedent for other nations.
