Liechtenstein’s Prime Minister, Daniel Risch, has announced plans to enable Bitcoin payments for various government services. While he did not disclose whether the country plans to adopt the cryptocurrency as legal tender, citizens will be allowed to settle government services in Bitcoin, with the option for authorities to swap the crypto assets for Swiss francs.
This move follows the passage of the “Blockchain Act,” which set clear standards in the sector and provided maximum protection to users. Additionally, Liechtenstein’s leading private bank, LGT Bank, partnered with SEBA Bank in 2022 to enable direct investments in digital currencies for its clients.
Switzerland’s city of Lugano, Liechtenstein’s western neighbor, has also made moves toward adopting cryptocurrencies. The domestic authorities have developed an infrastructure to make Bitcoin, Tether, and LVGA tokens official means of settlement in the region. This initiative, called PlanB, aims to enable locals to pay taxes or public service fees via the aforementioned assets.
Tether outlined in March this year that the initiative has been quite successful during the first year of its existence, with more than 150 domestic merchants accepting BTC, USDT, and LVGA as payment methods, while the total number could surpass 2,500 by the end of 2023.
The move towards cryptocurrencies in Liechtenstein and Switzerland highlights the increasing acceptance and mainstream adoption of digital assets worldwide. However, it remains to be seen if Liechtenstein will follow in the footsteps of El Salvador and the Central African Republic and adopt BTC as legal tender.
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