The Principality of Liechtenstein is going to integrate payment for public services using bitcoin. He told the publication Handelsblatt Prime Minister Daniel Risch. At the same time, he did not name any specific dates for the launch of this initiative.
The authorities will accept the first cryptocurrency from the public and exchange it for the national currency, Rish explained. A similar approach is used by some Swiss municipalities. Liechtenstein is also considering investing some of its reserves in bitcoin.
At the same time, Liechtenstein does not plan large risky operations with the state budget.
Cryptocurrencies like bitcoin are still too risky. But this assessment is, of course, subject to change.
Liechtenstein has a good attitude towards digital assets. In 2019, the country’s parliament passed the Liechtenstein Blockchain Act. The document created a regulated environment for service providers related to cryptocurrencies. Liechtenstein does not see the point in implementing strict regulation and is going to influence the fintech sphere only where it is necessary.
In February 2019, Liechtenstein’s state postal service, Liechtensteinische Post AG, began offering bitcoin exchange services. The service was made available through a partnership with Zug Värdex Suisse, the owner of the largest crypto ATM network in Switzerland.
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