The Principality of Liechtenstein is taking an important step in the adoption of digital assets by introducing a way to use Bitcoin as a payment method for government services. Prime Minister Daniel Risch, who also serves as the finance minister, made the announcement in an interview with Handelsblatt. Despite not providing a specific timeline, Risch stated that the principality will soon accept Bitcoin deposits and then automatically convert them to Swiss Francs.

This approach is similar to that of other Swiss communities such as Lugano and Zug. The country, which is the sixth smallest in the world located between Austria and Switzerland, adopted its own cryptocurrency legislation titled “Token and Trusted Technology Service Providers Act” (TVTG) also known as the “Liechtenstein Blockchain Act”, in 2019. This law became effective in 2020, encouraging an increased number of companies to provide crypto services in the country due to its favourable regulations.

In the view of its small size, Liechtenstein is making big strides towards mass adoption of Bitcoin as a payment system and setting an example for other blockchain-friendly countries. The principality already has an admirable track record of legislation for faithful service to the blockchain industry, and the latest move to accept Bitcoin payments could bring more crypto projects to the country.

By expanding the adoption of crypto, Liechtenstein is helping to create a bridge between the digital and real-world economies, with the aim of strengthening its economy while becoming a leader in the crypto-financial revolution.



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