Liechtenstein PM plans crypto for payments

Liechtenstein’s Prime Minister, Daniel Risch, has announced plans for the country to accept Bitcoin as a payment option for government services. Risch did not provide details but said that the option would be available soon, with Bitcoin payments being exchanged immediately for Swiss francs, the national currency. The Swiss towns of Zug and Lugano have already adopted a similar approach, making Bitcoin legal for some tax and public service payments.

This is not the first time that Liechtenstein has made headlines for its crypto-friendly policies. In 2019, it passed the Liechtenstein Blockchain Act, becoming one of the first countries in the world to introduce dedicated crypto regulation. Since then, several crypto-focused businesses have set up shop in the country, which, along with the Swiss towns of Zug and Lugano, has become one of the European finance hubs catering to the growing market for crypto banking and investment services.

Liechtenstein is building on its deep-rooted financial services industries to carve out a specialized niche within the global crypto space. Firms like the Liechtenstein Cryptoassets Exchange (LCX), which also has offices in Zug’s “crypto valley,” show how the Alpine region is evolving its centuries-old financial sector.

Swiss digital bank Sygnum is another example of how combining a progressive policy stance with deep-rooted financial services can lead to success in the crypto space. The bank now helps businesses the world over manage their digital assets. Liechtenstein’s VP Bank has also announced an expanded partnership with the Swiss digital infrastructure provider Metaco to help it offer crypto custody services to its clients.

As Liechtenstein joins Zug and Lugano in accepting Bitcoin payments for government services, it is likely that other European towns and countries will follow suit. The country’s forward-thinking approach to crypto regulation and willingness to adopt new technologies could provide valuable insights for those looking to enter the crypto space.