Liechtenstein's efforts to embrace cryptocurrencies seem to be gaining momentum as the European nation's Prime Minister, Daniel Risch, announced that the country plans to introduce a Bitcoin payment option for government services. However, the details of the proposal have not yet been published. During a recent conversation, the Prime Minister confirmed the inclusion of a Bitcoin payment option in their services, stating that the implementation is to convert the payments received in Bitcoin into Swiss francs, their official currency.
Interestingly, Switzerland has already implemented the Bitcoin payment option, with the municipalities of Zug and Lugano paving the way. These local governments enable citizens to pay public service costs and taxes with Bitcoin. Several businesses and fast-food chain McDonald's in Lugano also accept Bitcoin as a form of payment. The city of Zug has been at the forefront of Bitcoin adoption in Switzerland. It has been nicknamed "Crypto Valley" due to the number of cryptocurrency companies there. Now, Liechtenstein aims to move forward, following in the footsteps of their Swiss neighbors.
Moreover, the recent government announcement is not the first time the country has delved into cryptocurrency adoption. Last year, Liechtenstein became one of the first countries to adopt comprehensive crypto regulations through the Liechtenstein Blockchain Act. Following the Act's implementation, a host of blockchain-based companies set up offices in the country. Among these, the Liechtenstein Cryptoassets Exchange (LCX), which operates from Zug's "Crypto Valley," exemplifies the country's interest in modernizing its financial infrastructure.
With advanced policies and established financial industries, Liechtenstein is steadily carving out a unique niche within the global cryptocurrency industry. Swiss digital bank Sygnum, headquartered in Zurich and Singapore, is at the forefront of this area, giving Switzerland a lead on crypto-focused banks worldwide.