The Prime Minister of Liechtenstein has proposed that Bitcoin be accepted as payment for government services
The Prime Minister of Liechtenstein has shown interest in accepting Bitcoin as payment for government services.
Although few specifics were provided, Prime Minister Daniel Risch recently said in an interview that a “Bitcoin payment option is coming.”
He then elaborated on the European microstate’s plans to accept Bitcoin as payment for government services. The funds will be converted into Swiss francs, the national currency, instantly.
The Swiss municipalities of Zug and Lugano have implemented a system somewhat similar to this one for accepting Bitcoin payments. There, authorities have taken steps to legalize the use of Bitcoin for the payment of some taxes and public service costs.
And this isn’t the first time Liechtenstein’s crypto-friendly rules have made headlines; the country has been in the spotlight before.
With the passage of the Liechtenstein Blockchain Act in 2019, it was one of the first governments in the world to enact specialized crypto law.
Many cryptocurrency-related companies have now opened a shop there. Liechtenstein is among a select group of European financial centers that have formed to serve the expanding market for crypto banking and investment services, including the aforementioned Swiss monarchies.
Companies like Liechtenstein Cryptoassets Exchange (LCX), with headquarters in Zug’s “crypto valley,” demonstrate how the Alpine area is modernizing its centuries-old banking industry.
Places like Lichtenstein are progressively carved out a specialized niche within the global crypto market by combining a progressive regulatory approach with their well-established financial services businesses.
One of the most prominent crypto-focused financial institutions is the Swiss digital bank Sygnum. Today, it is used by companies all around the globe to better manage their data.