Tuesday, June 6, 2023

The Prime Minister of Liechtenstein stated that soon it will be possible to pay for some government services with cryptocurrency. He also said he is open to the idea of investing state money in bitcoins.

Liechtenstein Plans to Embrace Bitcoin for Government Services

Liechtenstein’s Prime Minister and Finance Minister Daniel Risch said in an interview with a German news outlet that Liechtenstein might have bitcoin payments available for some government services soon. He didn’t give any exact time frame but mentioned: “A payment option with bitcoin is coming”.

Liechtenstein’s prime minister, Risch, said that they plan to accept bitcoin and quickly swap it for the Swiss francs (the country’s currency) in order to avoid risks with changing values. He also said that bitcoin will not be equal to Swiss francs. Additionally, he hinted at a possibility that the government may invest in bitcoin in the future.

Liechtenstein has a lot of money! (Around 2.23 billion Swiss francs, which is equals to $2.51 billion). Most of this money has been put into securities like stocks or bonds.

The finance ministry said that bitcoins or other cryptocurrencies are too risky at the moment. But they also added that their opinion can change in the future.

Back in October 2019, Liechtenstein’s government created a law called the “Token and Trustworthy Technology Service Providers Act”, which makes them the first country to pass a law that regulates how people use the token economy.

Do you think Liechtenstein’s government should accept bitcoin payments and put some money into it? Let us know your thoughts in the comments.


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