The Principality of Liechtenstein in Europe will allow its citizens to use Bitcoin to pay for government services.
Liechtenstein Prime Minister Daniel Risch is interested in adopting Bitcoin.
During a recent interview, Risch expressed his interest in allowing citizens to use the market's leading cryptocurrency to pay for some of their services.
According to German news outlet Handelsblatt, in addition to accepting Bitcoin as a legal means of payment in the country, the Prime Minister of Liechtenstein is also considering investing part of his state reserves in the cryptocurrency, considered one of the world's most important investment assets and a long-term safe haven.
In the interview, Prime Minister Risch added that payments received in Bitcoin and other cryptocurrencies for government services will be converted into Liechtenstein's official currency, the Swiss franc, due to the risk of volatility.
“Cryptocurrencies like Bitcoin are still too risky at the moment. But this assessment can change,” Risch said.
Europe, the world's leading cryptoeconomy
Risch's comments come as Europe works to create a clear regulatory environment for cryptocurrencies in the region.
Countries such as France and Ukraine are adopting the MiCA crypto-asset markets law to ensure security and confidence for investors and users, while establishing common standards for the development of the crypto industry that could attract companies in the sector.
Europe is currently emerging as one of the most promising regions in the world for cryptocurrencies and their participants.
According to Chainalysis, the continent has been moving a large part of the volume transacted with cryptocurrencies at a global level, positioning itself, for two consecutive years, as The world's leading crypto economy.
Bitcoin adoption as a means of payment is growing
Meanwhile, Bitcoin's use cases as a means of payment continue to expand among merchants, businesses and governments.
In Europe, the Swiss city Lugano legalized the use of bitcoins and other cryptocurrencies for the payment of state taxes in March last year, highlighting the need to be at the forefront of new innovations and technological development to attract investors and crypto enthusiasts.
Likewise, the multinational insurance and asset management company AXA, also in Switzerland, began accepting Bitcoin payments in 2021. Other companies, such as the Burger King franchise in Paris (France) and the McDonalds franchise in Lugano (Switzerland), are also betting on the adoption of crypto assets.
In the particular case of Liechtenstein, the principality has also shown interest in blockchain technology, presenting a bill in 2019 with the aim of regulating this technology.
Main image from the newspaper Liechtensteiner Vaterland
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