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Minister proposes government services paid for in cryptocurrencies

by SuperiorInvest

Liechtenstein Prime Minister Daniel Risch Announces Plans to Accept Bitcoin (BTC) as payment for government services. As stated in the local newsthe micro-European nation continues adopt blockchain technologies.

Risch, who also serves as finance minister, said:

“Bitcoin payment option is coming.”

However, he did not specify the date. Furthermore, the principality is unlikely to accept bitcoins and “hold” (hold) the satoshis it receives. Instead, it will accept bitcoin deposits and immediately exchange them for Swiss francs, the national currency. Direct exchange for bare money bypasses currency volatility.

Although Liechtenstein is not a member of the European Union, it is part of the European Economic Area, where the EU is located Regulation of Markets in Cryptographic Assets (MiCA). could apply. This regulatory clarity could attract more crypto firms to the region.

Similar to Gibraltar and Isle of Man, Liechtenstein is a small but thriving cryptocurrency hub in Europe. The Liechtenstein Blockchain Lawwhich was passed in 2019, provided clear crypto-regulation, and since then several cryptocurrency-focused firms have started operations in the country.

The nation is following a similar course to the nearby Swiss communities of Zug and Lugano, that accept bitcoins for some taxes and utilities, with retailers, incl like McDonald’salso accepts BTC.

However, the world’s sixth smallest nation is cautious in its approach to investing in Bitcoin or cryptocurrencies. Risch expressed that bitcoin and other cryptocurrencies are currently too risky for the country’s multibillion-dollar treasury, but the verdict may change future.

Related: Liechtenstein Adapts Blockchain Laws to Cryptocurrency Development

Liechtenstein’s move coincides with a growing trend of smaller countries embracing cryptocurrencies and blockchain technology.

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