Binance CEO Richard Teng Says Crypto Can Uplift Bhutan’s Gross National Happiness Vision

Binance CEO Richard Teng, in his recent trip to the Himalayan kingdom of Bhutan, has drawn a direct connection between crypto and the nation’s unique national development model — Gross National Happiness (GNH). During his visit for the Binance Crypto-Powered Tour, Teng said crypto’s core values of financial freedom and inclusion are well-aligned with Bhutan’s happiness-first policy.

“Fundamentally, it’s the same,” Teng said during a media roundtable in Thimpu. “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.”

Gross National Happiness, introduced by Bhutan’s fourth king in the 1970s, is a development philosophy that prioritizes collective happiness and spiritual well-being over traditional economic output. It remains central to Bhutanese identity and governance today.

At face value, crypto’s volatility, speculative nature, and high-speed trading might seem incompatible with Bhutan’s introspective approach to growth. But Teng argued that the underlying technology — especially in underbanked regions — empowers individuals to achieve financial independence and can contribute to social upliftment.

Teng praised Bhutan’s progressive approach toward innovation and digital assets.

“The people here, His Majesty and the Kingdom of Bhutan, are believers in innovation,” he said. “They believe crypto can uplift people’s well-being and general happiness.”

The Binance CEO has also stated that Bhutan has indeed emerged as a quiet but assertive player in the crypto world. The nation has amassed over 13,000 BTC, placing it among the top five state-level holders globally, ahead of even El Salvador. The country is also exploring hydro-powered Bitcoin mining and has recently enabled crypto payments via Binance to support tourism.

However, challenges remain. While Bhutan’s crypto ambitions are high, issues like patchy internet access could limit broader grassroots adoption.

Still, Teng remains optimistic. With a policy rooted in holistic well-being and a growing appetite for digital innovation, Bhutan may yet prove to be an unexpected leader in crypto-powered development, all without compromising its commitment to happiness.

Editorial Note: This news article has been written with assistance from AI. Edited & fact-checked by the Editorial Team.

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