Crypto Aligns With Bhutan’s Happiness Vision

Binance CEO Richard Teng said cryptocurrency and digital asset technology can support the Kingdom of Bhutan’s 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 country’s unique identity, which is rooted not in economic output, but in well-being.  

Teng said the values of crypto align with Bhutan’s GNH and approach to well-being.  

“Fundamentally, it’s 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.”

Bhutan’s pursuit of happiness

Bhutan’s GNH model, introduced by the country’s fourth king in the 1970s, emphasizes collective happiness over economic growth and is central to Bhutan’s national identity

According 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 kingdom’s way of life.

At first glance, crypto’s 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 Bhutan’s 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 people’s 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.”

Related: Bhutan’s DHI to offset halving effects with Bitcoin mining upgrade

How Bhutan approaches crypto technology

Bhutan’s 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 country’s 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. 

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