During a recent visit to Bhutan, Binance CEO Richard Teng emphasized how digital assets and cryptocurrency technology complement the Kingdom’s distinctive development philosophy — Gross National Happiness (GNH).
Speaking at a media roundtable during the Binance Crypto-Powered Tour in the Himalayan nation, Teng was asked whether the principles of crypto align with Bhutan’s values, which prioritize well-being and spiritual fulfillment over mere economic performance.
Teng explained that the underlying goals of the crypto movement — financial inclusion and personal empowerment — are closely aligned with Bhutan’s holistic approach to development.
“In essence, they’re very similar,” Teng said. “Crypto promotes financial freedom and solves real-world challenges. Ultimately, it contributes to a person’s overall quality of life.”
Bhutan’s Unique Focus on Happiness
The GNH framework, introduced in the 1970s by Bhutan’s fourth king, champions the idea that a nation’s success should be measured by the happiness and well-being of its citizens, rather than economic metrics alone.
The GNH Centre Bhutan describes the philosophy as a sustainable model that integrates both spiritual and material values, driven by the belief that people naturally seek happiness. As a result, emotional and spiritual fulfillment are deeply woven into Bhutanese society.
While the fast-paced, speculative nature of cryptocurrency might appear to contrast with Bhutan’s grounded approach, Teng argued that the technology can empower underserved communities, especially in areas lacking robust financial infrastructure.
He shared examples of individuals globally who achieved economic independence through crypto, particularly in underbanked regions — a transformation he believes could be mirrored in Bhutan. Teng noted that Bhutan’s leadership is open to innovation and sees the potential of digital assets to enhance people’s well-being.
“The Kingdom, under His Majesty’s vision, is forward-thinking,” he said. “There’s a belief here that crypto can help elevate happiness and financial stability.”
Bhutan’s Strategic Embrace of Crypto
Guided by King Jigme Khesar Namgyel Wangchuck, Bhutan has steadily integrated blockchain and digital assets into its national development plans. Notable initiatives include hydro-powered Bitcoin mining and the creation of a sovereign crypto reserve.
Despite maintaining a low profile, Bhutan has quietly accumulated over 13,000 BTC, placing it among the top five countries in Bitcoin holdings — ahead of even El Salvador, according to Bitbo data.
In May, the country partnered with Binance to support crypto-based payments aimed at boosting tourism, allowing visitors to use digital currencies within Bhutan. However, infrastructure challenges like inconsistent internet access remain obstacles to widespread adoption.
Still, Teng believes that as Bhutan deepens its digital transformation, it could attract more global investment while staying true to its identity as the “Kingdom of Happiness.”
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