Liechtenstein Intends to Enable Bitcoin as a Payment Method for Government Services
Liechtenstein’s government plans to allow citizens to use Bitcoin as a payment option for accessing government services. Prime Minister Daniel Risch confirmed this decision in an interview with Handelsblatt, stating that the implementation of this payment option will become a reality in the near future.
The Prime Minister did not give a specific timeline for the implementation of Bitcoin payments for government services. According to current plans, Liechtenstein will likely accept Bitcoin deposits, which will then be immediately exchanged for the national currency Swiss franc, as explained by Risch, who is also the finance minister and head of the government.
This is similar to the approach taken by other Swiss communities like Lugano and Zug, where residents can use Bitcoin to pay for government services. Liechtenstein is the sixth smallest country in the world, located in the heart of Europe between Austria and Switzerland.
Liechtenstein Block Act Offers Leads to an Increase in Entities Providing Crypto Services
In 2019, Liechtenstein was among the first countries to introduce legislation specifically focused on blockchain and cryptocurrency, called the “Token and Trusted Technology Service Providers Act” (TVTG) or the Liechtenstein Blockchain Act.
The law has been in effect since the beginning of 2020 and is responsible for creating one of the first regulated environments for token-related services. Since then, the favorable conditions for crypto-related businesses in Liechtenstein have attracted an increasing number of entities providing such services.
To access more crypto news: cryptodataspace.com
