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Liechtenstein Could Embrace Bitcoin as a Payment Method for Gvmt Services, Says PM

Liechtenstein Could Embrace Bitcoin as a Payment Method for Gvmt Services, Says PM

Liechtenstein’s Prime Minister, Daniel Risch, has announced plans for bitcoin payments to be accepted for various government services in the country. It remains unclear whether or not bitcoin will be adopted as a legal tender. Switzerland’s Lugano has also focused efforts on bitcoin payments, with plans to make Bitcoin, Tether, and LVGA tokens official means of settlement in the region. In Liechtenstein, citizens will be able to pay for government services with bitcoin and the authorities may convert the cryptocurrency into Swiss francs. It is worth noting that Liechtenstein has already passed the “Blockchain Act” to regulate the crypto industry.

Daniel Risch, Source: Brussels Research Group

LGT Bank, the leading private bank in Liechtenstein, has also joined the trend by partnering with SEBA Bank to offer direct investments in digital assets to its clients. Meanwhile, the Swiss city of Lugano has introduced BTC, USDT, and LVGA Points token as legal tender. This initiative, named Plan ₿, aims to enable locals to make tax and public service payments with these assets, much like El Salvador’s adoption of bitcoin as a legal tender, which led to a 10% GDP increase and a 30% rise in tourism.

“Cryptocurrencies are still in a stage of dynamic development. LGT, therefore first created the corresponding, necessary processes and framework for this type of investment,” CEO Matt said at the time.

Tether outlined in March that the initiative has been successful, with over 150 domestic merchants accepting BTC, USDT, and LVGA as payment methods, and the total number could surpass 2,500 by the end of 2023.