European Country Exploring Possibility of Bitcoin Payments

Liechtenstein, a small country located in the Alps of Western Europe, may soon follow the steps of El Salvador, and accept bitcoin as payment.

Prime Minister Daniel Risch unveiled in an interview with Handelsblatt over the weekend that the nation’s government may soon allow residents to pay for certain services using the digital currency. “A payment option with Bitcoin is coming,” he said, refraining from providing a timeline of when such an option will become available. Risch added that any crypto funds received will be exchanged for Swiss francs, the national currency of Liechtenstein.

The prime minister explained that bitcoin’s volatility means the government won’t be making any big bets using state funds, but officials are open to potentially investing some state reserves into the virtual token. “Cryptocurrencies like Bitcoin are still too risky. But this assessment can of course change,” Risch said.

Liechtenstein is the world’s sixth smallest country, with a population of around 300,000 people. Its government became the first to enact crypto regulations via the Liechtenstein Blockchain Act. There currently aren’t any international laws dictating the regulation of cryptocurrencies despite being notorious for volatilities. The European country is only one out of two nations to approve bitcoin as legal tender— the other being El Salvador.

Information for this briefing was found via Handelsblatt and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.