Liechtenstein is planning to accept Bitcoin (BTC) as payment for state services, Prime Minister Daniel Risch said in an interview with German business daily Handelsblatt. "A payment option with Bitcoin is coming," said Risch, who also serves as Liechtenstein’s finance minister. Although there isn't a specific timeframe for the implementation of this payment option, Risch said the plan is to accept Bitcoin deposits and exchange them immediately for the Swiss franc, Liechtenstein’s national currency. A similar approach has been used by the Swiss communities Zug and Lugano, where local authorities accept Bitcoin for the payment of certain taxes and public services. With the state's reserves currently standing at 2.23 billion Swiss francs ($2.51 billion), the principality each year saves three times its 900 million-franc ($1 billion) annual budget, investing the money in capital markets.

Source: The Nation May 09, 2023 08:23 UTC