Country in Europe, Liechtenstein Plans to Make Bitcoin a Legal Tender of Payment

Liputan6.com, Jakarta One of the European countries, Liechtenstein plans to accept Bitcoin (BTC) as payment for state services, Prime Minister Daniel Risch said in an interview with German business daily Handelsblatt.

“Bitcoin payment options are coming,” said Risch, who also serves as Liechtenstein’s finance minister, quoted from Yahoo Finance, Tuesday (9/5/2023).

While there is no specific time frame for implementing this payment option, Risch said the plan is to accept Bitcoin deposits and immediately exchange them for Swiss francs, Liechtenstein’s national currency.

A similar approach has been used by the Swiss communities of Zug and Lugano, where local authorities accept Bitcoins for payment of certain taxes and public services.

Risch is also reportedly open to investing state funds in Bitcoin in the future. Part of the fund could be invested in the world’s largest cryptocurrency, according to the report.

Liechtenstein Crypto Friendly Policy

This is not the first time that Liechtenstein has made headlines thanks to the supportive regulatory environment that has helped position it as a top destination for blockchain and crypto businesses.

In 2019, Liechtenstein passed the Blockchain Act, which creates a legal framework for blockchain and cryptocurrency businesses. The law recognizes the unique features of blockchain technology and provides clarity on how blockchain-based assets should be classified and regulated.

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