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The Prime Minister of Liechtenstein has said he wants citizens to be able to pay for government services with Bitcoin.
Liechtenstein Joins Swiss Crypto Hubs
Although details of the plan were sparse, in a recent interview Prime Minister Daniel Risch said that a “Bitcoin payment option is coming.”
He went on to describe how the European microstate intends to accept payment for government services in Bitcoin. It will then immediately exchange them for Swiss francs, the national currency.
A similar approach to Bitcoin payments has been used by the Swiss communities Zug and Lugano. There, local authorities have moved to make Bitcoin payments legal for the payment of certain taxes and public service expenses.
In Lugano, even McDonalds accepts Bitcoin.
Moreover, the latest news is not the first time Liechtenstein has made headlines for its crypto-friendly policies.
In 2019 it became one of the first countries in the world to pass dedicated crypto regulation with the Liechtenstein Blockchain Act.
Since then, various crypto-focused businesses have set up shop in the country. Alongside the aforementioned principalities in Switzerland, Liechtenstein has emerged as one of a handful of European finance hubs catering to the growing market for crypto banking and investment services.
Building on the Legacy Banking Sector
Firms like the Liechtenstein Cryptoassets Exchange (LCX), which also has offices in Zug’s “crypto valley,” show how the Alpine region is evolving its centuries-old financial sector.
Combining a progressive policy stance with their deep-rooted financial services industries, places like Lichtenstein are increasingly carving out a specialized niche within the global crypto space.
For example, the Swiss digital bank Sygnum has emerged as one of the world’s leading crypto-focused banks. It now helps businesses the world over manage their digital assets.
And in April, Liechtenstein’s VP Bank announced an expanded partnership with the Swiss digital infrastructure provider Metaco to help it offer crypto custody services to its clients.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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