Liechtenstein is looking to accept Bitcoin as payment for state services. The Prime Minister, Daniel Risch, has expressed plans to implement this move, potentially following neighboring country Switzerland.
Liechtenstein, one of Europe’s smallest countries, may soon be joining its neighbor, Switzerland, in accepting Bitcoin for payment services.
The announcement was made by the current Prime Minister, Daniel Risch, who stated that Bitcoin payment options “are coming.”
Daniel Risch on Bitcoin
According to reports by Handelsblatt, a German-based media outlet, Risch plans to make Bitcoin a payment option for state services such as taxes and public services. The move will put Liechtenstein in the forefront of countries that are embracing cryptocurrencies as a payment method.
Public services that may soon be available for payment with Bitcoin which may include utilities, transportation, education, and healthcare services, among others. The move is expected to make it easier for citizens and businesses in Liechtenstein to pay for services without the need for traditional banking services.
Switzerland and Bitcoin
Liechtenstein’s neighbor, Switzerland, has already embraced Bitcoin for payment services, and this may have influenced Liechtenstein’s decision to follow suit.
In fact, Switzerland’s largest online retailer, Digitec Galaxus, has been accepting Bitcoin payments since 2019, and a growing number of Swiss retailers and service providers have followed suit.
While Risch acknowledges that crypto assets like Bitcoin carry inherent risk, he believes that it has the potential to change the financial landscape. He sees the potential for blockchain technology and cryptocurrencies to revolutionize industries like banking, finance, and investment.
Liechtenstein has been proactive in recognizing the potential of blockchain technology and cryptocurrencies. The country passed a legal framework for cryptocurrency and blockchain in 2019, called the Blockchain Act. The bill served to recognize blockchain technology and define how it works in a legal framework, allowing it to have a role in future policy.
The move towards accepting Bitcoin for state services is just one step in Liechtenstein’s broader plan to embrace blockchain technology and cryptocurrencies. It is a progressive move that may put Liechtenstein ahead of other countries in Europe that are still grappling with how to regulate cryptocurrencies.
Final Thoughts
Liechtenstein’s move to accept Bitcoin for state services is an exciting development that will put the country in the forefront of countries that are embracing cryptocurrencies. It will make it easier for citizens and businesses to pay for services without the need for traditional banking services. With its legal framework for blockchain technology and cryptocurrencies, Liechtenstein is well-positioned to lead the way in this new and exciting industry.
Edmond is a passionate writer for Video games, GameFi and Web3. He has worked for top GameFi companies and video game/crypto news websites.
