Liechtenstein’s Prime Minister, Daniel Risch, has announced his intention to allow citizens to pay for government services using Bitcoin. Although specifics of the plan are yet to be released, Risch stated that a “Bitcoin payment option is coming”. The European microstate plans to receive payments for its government services in Bitcoin, which will be immediately exchanged for Swiss francs, the national currency.
Similar to the approach taken by Swiss communities Zug and Lugano, which have made Bitcoin payments legal for the payment of certain taxes and public service expenses, Liechtenstein is positioning itself as a crypto-friendly hub for businesses. The country’s crypto-focused policies, including the Liechtenstein Blockchain Act of 2019, have attracted various crypto-based businesses to the region.
Sygnum, a Swiss digital bank, has emerged as one of the world’s leading crypto-focused banks and is helping businesses worldwide manage their digital assets. Furthermore, VP Bank of Liechtenstein has announced a partnership with Swiss digital infrastructure provider, Metaco, to help offer crypto custody services to clients.
Countries like Liechtenstein and Switzerland are carving out a specialised niche within the global crypto space by combining progressive policy and deep-rooted financial services.