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Monday, February 26, 2024

Principality of Liechtenstein Embraces Bitcoin: Govt. Services to Accept Crypto

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  • Liechtenstein Prime Minister Daniel Risch conveys a plan to launch a crypto payment service.
  • Risch mentioned that a payment option with Bitcoin is coming.
  • The news was shared in an interview with Handelsblatt.

Bitcoin and its acceptance have definitely raised questions worldwide. While some nations, including El Salvador, have legalized it, others are still skeptical. Even though El Salvador set an example for many nations to follow by embracing it, only a few have given it serious thought.

Liechtenstein Prime Minister Daniel Risch has recently proposed accepting Bitcoin (BTC) for government services. The news, which was initially shared by a local news outlet called Handelsblatt, revealed that Risch had announced plans to introduce BTC as a government service payment option.

Principality Will Accept Bitcoin Deposits

Speaking to Handelsblatt, Risch mentioned that a payment option with Bitcoin is coming. However, he never gave out a timeframe for the launch.

Based on the current planning status, it is expected that the principality will allow deposits in Bitcoin and promptly convert them into the Swiss franc, its national currency.

Risch, who serves as both the finance minister and the head of government for the principality, highlighted that this approach resembles the practices observed in Swiss communities like Zug or Lugano, where residents have had the option to utilize Bitcoin for tax payments and government services for quite some time. Speaking about Bitcoin, BTC is trading at $27,912 at press time, with a 3.68% drop in value over the last 24 hours, according to CoinMarketCap data.

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