2023-5-8 11:13 |
Coinspeaker
Liechtenstein Considers Enabling Bitcoin Payments for Government Services
Liechtenstein might become a country with Bitcoin (BTC) adopted on the governmental level. According to Liechtenstein Prime Minister Daniel Risch, the country is exploring the use of Bitcoin and considering enabling its citizens to pay for government services with the crypto. As per the interview of Daniel Risch with the German newspaper Handelsblatt, “a payment option with Bitcoin is coming”. Prime Minister even described the potential uses of the coin in Liechtenstein. However, no specific timeframe has been provided.
Among the possible uses of Bitcoin is enabling citizens to make deposits in Bitcoin and immediately exchange them for the national currency of Liechtenstein – the Swiss franc. Such an initiative would be similar to Swiss communities such as Zug or Lugano, where citizens can pay for government services in Bitcoin. Once it happens, private companies will be also able to employ Bitcoin payment services. As a result, Bitcoin will serve as a legal tender under the jurisdiction of Liechtenstein.
Notably, there are numerous advantages offered by Bitcoin if used as payment for government services. Firstly, Bitcoin saves time, meaning that it allows citizens to complete a transaction faster by automating processes such as payment verification, the movement of funds, and tracking such transactions in real-time. Secondly, accepting payments in Bitcoin could potentially reduce transaction fees and other costs associated with traditional payment methods. Further, Bitcoin can offer a way to speed up the process of payroll taxes collection by providing proof that all taxes have been paid and securely keeping records of these transactions.
Crypto Regulation in LiechtensteinLiechtenstein is considered a crypto-friendly country and the recent announcement is not the first time the country is on the news because of its crypto policy. It has a few significant advantages that make it a kind of crypto hub. Firstly, Liechtenstein is a part of the European Economic Area, which allows projects to reach the European market. Secondly, Liechtenstein protects its investors, which makes it more reliable than other countries. Further, liberal legislation and legal stability in Liechtenstein are fast and flexible due to the size of the country.
Back in 2019, Liechtenstein became one of the first countries in the world to pass dedicated crypto regulation with the Liechtenstein Blockchain Act. Effective from January 1, 2020, the Act provides a comprehensive framework on the nature of crypto assets and related services. It enables the tokenization of all types of assets and rights without the need to circumvent the law and improves the country’s capacity to host digital tokens legally. provides a comprehensive framework on the nature of crypto assets and related services.
Since the adoption of the Liechtenstein Blockchain Act, a number of crypto-focused businesses have set up offices in the country that has emerged as one of the finance hubs catering to the growing market for crypto banking and investment services.
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