Liechtenstein Considers Bitcoin Payment Option for State Services
(MENAFN) Liechtenstein, a small German-speaking microstate located in the Alps between Austria and Switzerland, is reportedly considering accepting Bitcoin as payment for state services. The country's Prime Minister and Finance Minister, Daniel Risch, announced the potential move in an interview with Handelsblatt on Sunday. Risch did not provide specifics on which services would be available for payment in Bitcoin or when the payment option would become available.
However, he did note that any cryptocurrency received would be immediately exchanged for Swiss francs, Liechtenstein's national currency. Risch also acknowledged that cryptocurrency is too volatile to entrust portions of the country's multi-billion-dollar annual savings, but he suggested that this assessment could change in the future.
It's important to note that Bitcoin would not be accorded the same legal status as the franc in Liechtenstein. Instead, the country would likely treat it as a form of payment similar to credit cards or other digital payment methods.
In 2019, Liechtenstein became one of the first countries in the world to pass dedicated crypto regulations with The Liechtenstein Blockchain Act. The act provides a clear regulatory framework for blockchain and cryptocurrency-related businesses, which has helped to establish Liechtenstein as a hub for blockchain innovation in Europe.
Liechtenstein's consideration of accepting Bitcoin for state services is just the latest example of governments and institutions exploring the potential uses of cryptocurrency. While there are still concerns around volatility and regulation, the acceptance of Bitcoin and other cryptocurrencies by mainstream entities is slowly but surely gaining momentum.
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