Despite unstable internet conditions… Bhutan fully implements cryptocurrency payments

In the Kingdom of Bhutan, crypto assets (virtual currencies) are quietly becoming a means of everyday payment. According to reports, Cointelegraph, a US media outlet specializing in crypto assets, recently
He accompanied the "Crypto Powered Tour" organized by the Bhutan-based cryptocurrency exchange, visiting the capital Thimphu and the tourist destination of Paro to investigate the current state of cryptocurrency acceptance in Bhutan.
The media reported, "At a four-star hotel in Changyul Park, tourists and locals were spotted making actual payments using various cryptocurrencies, including Bitcoin (BTC), BNB, and USDt.
On May 7, Binance Pay announced that it had partnered with Bhutan's DK Bank to make virtual payments on air tickets, hotels, visas, sustainable development funds, and even roadside snacks within Bhutan.
This change was made possible immediately after the country made it possible to make payments in the currency.
Tenzin said, "Currently, about 1,000 affiliated stores support virtual currency payments.
"However, Bhutan still maintains a cash-based economic structure.
Dorjee cited the benefits of cryptocurrency payments as "low fees and ease of use," and pointed to the Jigme Jain of Bhutan, who actively encouraged such innovation.
He highly praised King Jigme Khesar Namgyel Wangchuck for his leadership.
Since the reign of King Jigme, Bhutan has promoted a number of state-led cryptocurrency projects.
It is said that the company has started mining Bitcoin using nuclear power and has more than 12,000 BTC in its possession. On January 8, 2024, a strategic virtual bank was established in the southern "Gelep Special Administrative Region".
A currency reserve plan was also announced. However, the biggest obstacle preventing the activation of cryptocurrency payments is "Internet instability." Wi-Fi connections are uneven in both Thimphu and Faro regions.
Local Reddit users also pointed out the problem, saying, "Bhutan's internet is so slow, it's a test of patience."
Because cryptocurrency payments require a real-time internet connection, such connectivity issues could lead to failed payments.
But there is some hopeful news. On February 17, the satellite internet service Starlink launched.
nk) has begun commercial operation in Bhutan. According to the local broadcaster Bhutan Broadcasting Corporation (BBS), Starlink will provide speeds of 100-200 Mbps and will be the fastest internet connection in the country.
In response, DK Bank President Ugyen Tenzin said, "The introduction of Starlink is like a blessing for Bhutan," and "The speed is dark.
"This is a crucial element in the settlement of the asset, and although the infrastructure is not yet fully in place, we are moving in the right direction."