Liechtenstein considers BTC for payment of public services
Liechtenstein’s prime minister has said he wants citizens to be able to pay for public services with Bitcoin.
Liechtenstein joins Swiss Crypto Hubs
Although details of the plan were sparse, Prime Minister Daniel Risch said in a recent interview that a “Bitcoin payment option is coming.”
He went on to describe how the European microstate intends to accept payment for public services in Bitcoin. It will then immediately exchange them into Swiss francs, the national currency.
A similar approach to Bitcoin payments has been used by the Swiss communities of Zug and Lugano. There, local governments have moved to make Bitcoin payments legal for the payment of certain taxes and public services.
In Lugano, even McDonalds accepts Bitcoin.
Moreover, the latest news is not the first time Liechtenstein has made headlines for its crypto-friendly policies.
In 2019, it became one of the first countries in the world to adopt dedicated crypto regulation with the Liechtenstein Blockchain Act.
Since then, various crypto-focused businesses have established themselves in the country. Alongside the aforementioned principalities of Switzerland, Liechtenstein has emerged as one of a handful of European financial hubs targeting the growing market for crypto banking and investment services.
Building on the old banking sector
Firms such as the Liechtenstein Cryptoassets Exchange (LCX), which also has offices in Zug’s “crypto valley”, show how the Alpine region is developing its century-old financial sector.
By combining a progressive political stance with their deep-rooted financial industries, places like Lichtenstein are increasingly carving out a specialized niche within the global crypto space.
For example, the Swiss digital bank Sygnum has emerged as one of the world’s leading crypto-focused banks. It now helps businesses around the world manage their digital assets.
And in April, Liechtenstein’s VP Bank announced an expanded partnership with Swiss digital infrastructure provider Metaco to help it offer crypto custody services to its clients.
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