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Liechtenstein’s Authorities Intend to Allow the Use of Bitcoin for Transactions

Reportedly, Liechtenstein’s government is contemplating the possibility of incorporating Bitcoin as a payment alternative for state services. Prime Minister Daniel Risch revealed this information during an interview with Handelsblatt, a German newspaper.

During a recent interview, Prime Minister Daniel Risch disclosed that the European microstate is aiming to implement a Bitcoin payment alternative for government services. 

While there is a lack of information regarding the specifics of the proposal, Risch indicated that the state will receive Bitcoin payments and promptly change them into Swiss francs, the official currency. This method is akin to the one adopted by the Swiss communities Zug and Lugano, which have legalized Bitcoin payments for specific taxes and public service costs.

Liechtenstein’s Positive Attitude

Liechtenstein’s positive attitude towards cryptocurrency is not a new development, as the country has already made headlines in 2019 for enacting the Liechtenstein Blockchain Act, which established regulations for the crypto industry. 

This made Liechtenstein one of the first countries to bring regulations around blockchain, leading to the establishment of several cryptocurrency-focused businesses in the country. Along with neighboring Swiss regions, Liechtenstein has become one of the few European financial hubs that offer banking and investment services for those interested in crypto.

Lichtenstein Making Way into Crypto 

Lichtenstein is making a name for itself in the global cryptocurrency arena by combining progressive policies with a robust financial services industry. 

For example, LCX, a crypto firm with offices in Zug’s “crypto valley,” exemplifies the modernization of the traditional financial industry in the Alpine region.

Sygnum, a digital bank headquartered in Switzerland, has emerged as a top financial institution in the field of cryptocurrencies. It offers assistance to businesses worldwide in managing their digital assets. Meanwhile, VP Bank in Liechtenstein has teamed up with Swiss-based digital infrastructure provider Metaco to expand its crypto custody offerings for clients.