2023-05-08 10:03:48
The Prime Minister of Liechtenstein has stated that he wants citizens to be able to pay for public services with Bitcoin.
Although he did not explain the plan in detail, he recently gave one in an interview Prime Minister Daniel Risch said that “the bitcoin payment option is coming“. He went on to describe how the European microstate intends to accept bitcoin payments as a consideration for public services. After that, the bitcoins will be immediately converted to Swiss francs.
The Swiss cantons of Zug and Lugano take a similar approach to bitcoin payments. There, local authorities have already taken steps to make bitcoin payments legal to pay for certain taxes and public services. McDonalds in Lugano already accepts Bitcoin.
Moreover, this latest news is not the first time Liechtenstein has made headlines for its crypto-friendly policies. In 2019, as one of the first countries in the world, Liechtenstein adopted a dedicated crypto-regulation with its law called the Blockchain Act.
Since then, many new businesses with different crypto-focuses have settled in the country. Alongside the aforementioned Swiss provinces, Liechtenstein has since become one of a handful of European financial centers serving the growing market for crypto-banking and crypto-investment services.
Built on the traditional banking sector
Companies such as the Liechtenstein Cryptoassets Exchange (LCX), which also has an office in the “crypto valley” of Zug, show how the Alpine region is continuing to develop its centuries-old financial sector.
Combining progressive political attitudes with deep-rooted financial services industries, places like Liechtenstein are increasingly carving out a special niche for themselves in the global crypto space.
The Swiss digital bank Sygnum, for example, has become one of the world’s leading crypto-focused banks. Today, it helps businesses around the world manage their digital assets.
And in April, Liechtenstein’s VP Bank announced that it had entered into an expanded partnership with Swiss digital infrastructure provider Metaco. Their goal is to help you provide crypto escrow services to your clients.
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