Regulatory ActionHintLiechtenstein Plans To Add Bitcoin As Payment Option For Government Services
Milestone Date: May 8, 2023
Liechtenstein, a small European country known for its favorable regulatory environment for fintech and blockchain startups, is considering allowing its citizens to pay for government services with Bitcoin, according to a recent announcement by the country's Prime Minister, Daniel Risch. The Bitcoin would be instantly exchanged for Swiss francs, the country’s national currency.
The move is part of the government's efforts to promote innovation and digital transformation, and follows the launch of the Lichtenstein Blockchain Act in 2019, which provides clear crypto regulation and has attracted crypto businesses to the country.
Liechtenstein's proactive approach to promoting innovation in the blockchain sector is further evidenced by the country's decision to set up a working group to explore potential use cases for cryptocurrencies and blockchain technology. The group will examine the benefits of using these technologies to modernize government operations and promote economic growth.
If Liechtenstein moves forward with accepting Bitcoin payments for government services, it would join a small but growing number of governments around the world that are embracing cryptocurrencies as a means of payment.
By Elizabeth Morrison
Published:May 23, 2022