Is Liechtenstein the next El Salvador?
The small principality is considering recognizing Bitcoin as legal tender.:
In a recent interview with Handelsblatt, Liechtenstein's head of government and finance minister, Daniel Risch, revealed that citizens of Liechtenstein may soon be able to use Bitcoin to pay for government services. However, the BTC payments would be immediately converted into the country's official currency, the Swiss franc. Although a specific timeline for implementation has not yet been announced.
Liechtenstein is already known for its favorable stance towards cryptocurrencies. In 2019, the country introduced the "Liechtenstein Blockchain Act," becoming one of the pioneers in implementing comprehensive regulations for digital assets. Together with Switzerland, Liechtenstein has established itself as one of Europe's key crypto financial hubs.
By considering Bitcoin as legal tender, Liechtenstein joins a growing list of countries that are embracing blockchain technology. After El Salvador made headlines by adopting Bitcoin as a legal payment method in 2021, Swiss municipalities such as Zug and Lugano followed suit, allowing taxes and other services to be paid in BTC.
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