Liechtenstein plans to accept Bitcoin as a payment option

Daniel Risch, the Prime Minister of Liechtenstein, recently said that the country’s government is considering accepting Bitcoin (BTC) as payment for official services.

Risch says the plan calls for instant conversion of any cryptocurrency received for Swiss francs. This is done in order to reduce the dangers associated with exchange rates. As stated by the Prime Minister, the franc is the principality’s official currency, and Bitcoin would not be accorded the same status as the franc, in an interview with the German daily Handelsblatt published on May 7.

Although he didn’t provide many specifics about the plan, he did mention that a “Bitcoin payment option is coming.”

Both Zug and Lugano in Switzerland have adopted a method of accepting Bitcoin payments that is somewhat similar to this one. There, local authorities have taken steps to legalize the use of Bitcoin payments for the payment of certain taxes and fees related to public services. Even McDonald’s will take Bitcoin if you’re in Lugano.

Liechtenstein’s crypto-friendly regulations

In addition, this is not the first time that news of Liechtenstein’s crypto-friendly regulations has made headlines; it only marks the most recent instance. 

With the passage of the Liechtenstein Blockchain Act in 2019, Liechtenstein became one of the first governments in the world to legislate specifically with cryptocurrencies.

Since that time, a number of different enterprises with a focus on cryptocurrencies have established themselves in the country. Along with the other principalities in Switzerland that were previously mentioned, Liechtenstein has emerged as one of a select few financial centers in Europe that cater to the expanding market for cryptocurrency banking and investing services.

Companies such as the Liechtenstein Cryptoassets Exchange (LCX), which also has headquarters in Zug’s “crypto valley,” demonstrate how the Alpine country is modernizing its centuries-old banking industry. 

Places like Lichtenstein are progressively carving themselves into a specialized niche within the global cryptocurrency industry by combining a progressive legislative stance with their well-established financial services businesses.