Liechtenstein could accept Bitcoin as a payment method for GVMT services, says PM

Liechtenstein could accept Bitcoin as a payment method for GVMT services, says PM

The Liechtenstein Prime Minister-Daniel Risch-said that local legislators are planning to enable Bitcoin payments for various state services. However, he did not announce whether the country would take over the primary cryptocurrency as a legal means of payment.

Another country that has focused on BTC is Liechtenstein's western neighbor-Switzerland-and especially the city of Lugano. The domestic authorities have developed an infrastructure to make Bitcoin, Tether and LVGA tokens into official means of payment in the region.

The Bitcoin payment option comes

Daniel Risch-The Prime Minister of Liechtenstein, who also functions as finance minister- Preserver-Spaces = "True"> unveiled To pay bitcoin. As soon as the payment is confirmed, the authorities have the opportunity to exchange the crypto assets for Swiss francs (the official currency of the European microst state).

Daniel Risch, Brussels Research Group

It is worth noting that the politician did not provide any information on whether Liechtenstein intends to accept BTC as a legal means of payment, similar to how El Salvador and the Central African Republic did 2021 and 2022.

This is not the first interaction of the European nation with the cryptocurrency industry. The Liechtenstein Landtag existed Data Preserver-Spaces = "True"> The TOKEN and Trusted Technology Service Provider Act, better known as "Blockchain Act". The legislation, which is officially entered in early 2020, sets clear standards in the industry and offers users maximum protection.

also the leading private bank of Liechtenstein-the LGT Bank-jumped on the crypto train. In 2022, a partnership with Seba Bank was a enabled Direct investments in digital currencies for its customers.

"Cryptocurrencies are still in a phase of dynamic development.

Luganos efforts

The Swiss city of Lugano, less than 200 kilometers from the Liechtenstein capital Vaduz, made headlines in March 2022 by introducing BTC, USDT and introducing its own LVGA point token as a legal means of payment. The initiative was possible through a collaboration between the city's authorities and Tether (the company behind the largest stable coin in the world).

The CTO of the company-Paolo Ardoinino-praised El Salvador's Bitcoin striping trains and argued that Lugano could also benefit from the introduction:

"The GDP from El Salvador rose by 10 % and tourism rose by 30 % after Bitcoin has been declared a legal means of payment. Imagine what we can do in a city in the center of Europe."

The step with the name Plan ₿ also aims to enable the locals to pay taxes or fees for the public service via the above assets.

Holding sketched Preserver-Spaces = "True"> in March this year that the initiative was quite successful in the first year of its existence. According to the company, more than 150 domestic dealers have accepted BTC, USDT and LVGA as payment methods, while the total number could exceed 2,500 by the end of 2023.

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