Liechtenstein Will Accept Bitcoin As Payment For Some State Government Services

By Author: Melody Harris
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The government of Liechtenstein plans to accept Bitcoin (BTC) as a payment method. Liechtenstein's native currency, Swiss francs, will likely be substituted for any cryptocurrency received as payment, told Prime Minister Daniel Risch.

"A payment option with Bitcoin is coming," Risch said in the interview on Sunday, without giving a specific timeframe. The country plans to accept Bitcoin deposits and exchange them immediately for the Swiss franc according to Risch, who is also its finance minister.

Markets in Crypto Assets (MiCA) regulation which could attract crypto firms seeking regulatory clarity is now finalizing its landmark licensing regime in the European Union. In spite of the fact that Liechtenstein is not a member of the bloc, it is a member of the European Economic Area (EEA), which makes the framework relevant for it.

Risch did not give a time frame for including the payment option. Although the Prime Minister apparently hinted that crypto may soon become a viable means for entrusting portions of the country's multi-billion dollar annual savings.

"Cryptocurrencies ...
... like bitcoin are still too hazardous right now. However, this evaluation might change," Risch told as per the report.

The prime minister stated that there were no plans to take any significant risks with state funds, but he added that he was open to the possibility of doing so in the future.

The state now has reserves worth 2.23 billion Swiss francs ($2.51 billion), the majority of which are invested in the capital market.