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.
Bhutan News
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Damcho Rinzin, the director of Bhutan’s Department of Tourism, said the sector has struggled because of its payment infrastructure.
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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.
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Cointelegraph is in the Kingdom of Bhutan to check the state of crypto adoption in the eastern Himalayan country.
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Bhutan’s tourism department and Binance said the new venture is the “world’s first national-level crypto tourism payment system.”
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The main wallet for the Bhutan government still holds $890 million worth of cryptocurrency, 99.9% of which is Bitcoin.
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Bhutan’s Gelephu Mindfulness City wants to set up a strategic reserve with several established cryptocurrencies.
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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.
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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.
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Bhutan’s experience with mining Bitcoin could serve as a powerful example for other developing nations that seek to improve their economies.
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Bhutan’s investment arm, Druk Holdings, holds more than 13,000 BTC, which is more than double El Salvador’s stash.
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