Binance CEO Richard Teng said cryptocurrency and digital asset technology can support the Kingdom of Bhutans unique development philosophy, known as Gross National Happiness (GNH), during a visit to the Himalayan kingdom.
During a media roundtable at the Binance Crypto-Powered Tour in Bhutan, Cointelegraph asked Teng how crypto culture aligns or conflicts with the countrys unique identity, which is rooted not in economic output, but in well-being.Teng said the values of crypto align with Bhutans GNH and approach to well-being.Fundamentally, its the same, Teng said.
At the end of the day, crypto is about financial freedom and financial inclusion.
It solves a lot of problems.
And ultimately, it brings up the well-being of a person.Cointelegraph reporter Ezra Reguerra (left) with Binance CEO Richard Teng (right) in Thimpu, Bhutan.
Source: CointelegraphBhutans pursuit of happinessBhutans GNH model, introduced by the countrys fourth king in the 1970s, emphasizes collective happiness over economic growth and is central to Bhutans national identityAccording to GNH Centre Bhutan, the concept is a sustainable approach to development.
It balances material and non-material values with the conviction that humans want to search for happiness.
This means emotional and spiritual well-being is embedded into the Himalayan kingdoms way of life.At first glance, cryptos high-paced, often speculative nature might seem at odds with such grounded principles.
Still, Teng argued that the technology underlying digital assets can help uplift individuals and communities, especially in regions with limited access to financial services.Teng said he has met individuals around the world who have achieved financial independence through crypto assets, especially in underbanked regions.He said that Bhutans crypto approach may lead to similar results.
The people here, His Majesty and the Kingdom of Bhutan, are believers in innovation, Teng said, adding that the Bhutanese believe crypto can uplift peoples well-being and general happiness.He added that as the country embraces digital assets, crypto adoption will lead to more foreign investments flowing into the country, maintaining high happiness levels in the Kingdom of Happiness.Bhutanese citizens attended a panel discussion on crypto payments.
Source: CointelegraphRelated: Bhutans DHI to offset halving effects with Bitcoin mining upgradeHow Bhutan approaches crypto technologyBhutans government, led by its monarch, King Jigme Khesar Namgyel Wangchuck, has embraced digital assets as part of its development strategy.
Under the administration, the country is engaged in projects like hydro-powered Bitcoin mining and setting up a crypto reserve.The country has also been quietly accumulating Bitcoin (BTC), with figures showing that it holds over 13,000 BTC.
Data tracker Bitbo shows that the countrys stash makes it the fifth-largest Bitcoin-holding country, surpassing even El Salvador.In May, Bhutan also adopted crypto payments via Binance, targeting crypto holders to boost tourism.
While the country is eager to adopt payments in digital assets, it must overcome difficulties like shaky internet connectivity, which can impede local crypto adoption.Magazine: Chinese Tether laundromat, Bhutan enjoys recent Bitcoin boost: Asia Express