During a visit to the Himalayan kingdom, Binance CEO Richard Teng stated that cryptocurrency and digital asset technology can support Bhutan's unique development philosophy, which is centered around Gross National Happiness (GNH).
At a media roundtable during the Binance cryptocurrency-driven journey in Bhutan, Cointelegraph asked Teng how cryptocurrency culture aligns or conflicts with the country's unique identity, which is rooted in well-being rather than economic output.
Teng expressed that the values of cryptocurrency align with Bhutan's GNH and well-being approach.
"Fundamentally, it's the same," Teng said. "At the end of the day, cryptocurrency is about financial freedom and financial inclusion. It addresses many issues. Ultimately, it enhances individual well-being."
The GNH model of Bhutan was proposed by the country's fourth king in the 1970s, emphasizing collective happiness over economic growth, and is at the core of Bhutan's national identity.
According to the Bhutan GNH Center, this concept is a sustainable development approach. It "balances material and non-material values, firmly believing that humans seek happiness." This means that emotional and spiritual well-being is integrated into the lifestyle of this Himalayan kingdom.
At first glance, the fast-paced and often speculative nature of cryptocurrency seems to conflict with such solid principles. However, Teng believes that the technology behind digital assets can help uplift individuals and communities, especially in areas with limited access to financial services.
Teng mentioned that he has encountered individuals around the world achieving financial independence through crypto assets, particularly in underbanked regions.
He stated that Bhutan's approach to cryptocurrency could yield similar results. "The people here, His Majesty the King, and the Kingdom of Bhutan are all believers in innovation," Teng said, adding that Bhutanese people believe cryptocurrency can enhance people's well-being and overall happiness.
He further noted that as the country embraces digital assets, cryptocurrency adoption will lead to more foreign investment flowing into the country, maintaining high levels of happiness in the "Happiness Kingdom."
Under the leadership of King Jigme Khesar Namgyel Wangchuck, the Bhutanese government has incorporated digital assets into its development strategy. Under this government, the country has engaged in projects such as hydropower Bitcoin mining and establishing cryptocurrency reserves.
The country has also been quietly accumulating Bitcoin (BTC), with data showing it currently holds over 13,000 BTC. Data tracker Bitbo indicates that the country's reserves make it the fifth-largest holder of Bitcoin, even surpassing El Salvador.
In May, Bhutan also adopted cryptocurrency payments through Binance, targeting cryptocurrency holders to promote tourism. While the country is keen on adopting digital asset payments, it also faces challenges such as unstable internet connectivity, which may hinder local cryptocurrency adoption.
Related: The deep liquidity issues of traditional finance are the hidden structural risks of cryptocurrency.
Original article: “Binance CEO: Cryptocurrency Aligns with Bhutan's Happiness Philosophy”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
