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Bitcoin: Liechtenstein Embraces Cryptocurrency for State Services

source-logo  coinspress.com 09 May 2023 09:00, UTC

Liechtenstein, a small European nation between Switzerland and Austria, has approved Bitcoin as a payment option for specific state services.

Prime Minister Daniel Risch revealed the decision, stating that Bitcoin deposits will be exchanged for Swiss francs.

The country’s reserves of 2.23 billion Swiss francs may also be invested in Bitcoin in the future.

This move sets Liechtenstein apart from countries struggling to regulate cryptocurrencies. The progressive approach aligns with the growing trend of global acceptance.

El Salvador became the first country to adopt Bitcoin as legal tender in 2021, while Ukraine legalized cryptocurrencies and Miami started accepting tax payments in Bitcoin.

Europe has also seen developments in cryptocurrency regulation, with the European Parliament adopting the Markets in Crypto-Assets (MiCA) regulation.


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Germany and France have their own crypto frameworks. However, consensus on regulation is still lacking worldwide, with countries like Malta and Switzerland supporting cryptocurrencies and others imposing restrictions.

Despite regulatory uncertainties, Bitcoin remains relatively stable, experiencing only a 3.7% decrease in the past 24 hours, with a trading price of $27,876.

coinspress.com