Prime Minister Daniel Risch has revealed that Liechtenstein is working towards allowing its citizens to pay their taxes with Bitcoin!
He explained in his interview with Handelsbaltt that citizens could pay for government services with Bitcoin. The crypto payment will then be converted into the nation’s Swiss francs.
The Prime Minister did not go into further details or mention when the plan will be put in motion.
Liechtenstein – An Active Supporter of Bitcoin!
Liechtenstein is well-known to be in support of cryptocurrencies and their technology. In 2019, the small European country established the Liechtenstein Blockchain Act. The framework outlines guidelines for crypto trading and running blockchain-based companies. With this, it became one of the first nations in the world to set up firm crypto regulations.
Since the Act was implemented in 2020, several crypto-driven startups have begun business in Liechtenstein. There are also various crypto-friendly banks, like Bank Frick, which offers custodial services and tokenization.
Liechtenstein’s government has established the Blockchain-Competence-Center and enacted crypto-supportive laws, like the Token and Trustworthy Technology Service Providers Act (TVTG).
The European nation is a member of the Crypto Valley – a region in Switzerland that houses many crypto and blockchain businesses. It is often considered a favourable spot for businesses offering crypto-related products and services. Its regulatory framework, crypto-friendly banks, and government support have helped create a supportive environment for developing and adopting cryptocurrencies.
Other Communities Accepting Bitcoin Payments
Swiss cities Lugano and Zug have also implemented similar tactics for accepting Bitcoin payments. The local authorities in these communities have authorized Bitcoin payments for some taxes and expenditures incurred due to public services. Lugano residents can enjoy a hearty Mcdonald’s meal with some Bitcoin or USDT.
Lugano is also a member of the Crypto Valley Association. The University of Lugano offers a master’s in blockchain and distributed ledger technologies.
In addition to Lugano and Zug, Arnhem has been called the “Bitcoin City” of the Netherlands. The city has over 100 businesses accepting Bitcoin payments, including restaurants, cafes, and even barbershops.
Other countries nationwide, like Indonesia, South Korea, and Zimbabwe, also support using NFTs and cryptocurrencies.