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Liechtenstein’s principality intends to enable the utilization of the primary crypto Bitcoin’s use for payment to avail of government services. Daniel Risch, the Prime Minister of Liechtenstein made this declaration in an interview that was conducted by Handelsblatt. He stated in the interview that the provision of a payment option comprising Bitcoin will be translated into reality in the coming time.
Liechtenstein to Accept Bitcoin Payments for Government Services
However, the Prime Minister did not provide any particular timetable in this respect. In line with the present planning status, the principality will likely accept deposits made in Bitcoin. After that, it will likely exchange them instantly for the national currency Swiss franc, as explained by Risch. He is additionally the finance minister of the principality. Apart from this he also holds the status of being the government’s head.
The approach is analogous to that adopted by Swiss communities like Lugano or Zug. In those communities, the residents can use Bitcoin (BTC) to pay for government services. Liechtenstein is considered to be the 6th among the smallest countries across the globe. it is located in Europe’s middle between Austria and Switzerland.
Liechtenstein Block Act Offers Leads to an Increase in Entities Providing Crypto Services
Back in 2019, it was categorized among the earliest countries that adopted particular legislation dealing with blockchain and crypto. The title of the legislation is the “Token and Trusted Technology Service Providers Act” (TVTG). It is also known as Liechtenstein Blockchain Act. The law has been implemented since the start of the year 2020.
It is reportedly considered to be responsible for creating one of the initially regulated environments dealing with token-related services. Since the year 2020, the number of entities providing crypto-related services have increased in Liechtenstein due to the optimal conditions for their businesses.