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Liechtenstein Consider BTC Payments for Official Services

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The latest is that the Liechtenstein government is considering adopting Bitcoin for investments, deposits, and payment options.

The little European principality Liechtenstein is on its way to becoming the new nation to adopt BTC as legal tender for government services.

Liechtenstein is already a crypto-friendly country. As a result, this latest announcement is not surprising for the country’s people.

This isn’t the first time the citizens have heard of its cryptocurrency policy.

The country emerged as one of the finance hubs that caters to the increasing market for cryptocurrency banking and investment services.

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Details of the News

In an interview with Handelsblatt, a German newspaper, the Prime Minister, Daniel Risch, made the announcement.

In his interview, the Prime Minister stated that Liechtenstein is contemplating delving into Bitcoin.

Also, they want to allow citizens of the country to use cryptocurrency to make payments for government services.

According to Daniel Risch’s interview with the German newspaper, “There is going to be a payment option with Bitcoin.”

The Prime Minister further explained the possible uses of Bitcoin within the country, although he didn’t give any specific timeframe for the occurrence.

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What can Bitcoin do for Liechtenstein?

According to the Prime Minister’s statement, the country can use Bitcoin differently.

For instance, they can allow citizens to deposit in Bitcoin and automatically convert it to the Liechtenstein national currency, the Swiss franc.

Risch further says that the initiative will be like that of Swiss communities like; Lugano or Zuga, where the citizens use Bitcoin to pay for government services.

Immediately after this initiative takes effect, it will also allow private firms to adopt payment services with Bitcoin. Thus, Bitcoin will become a legal tender under the authority of Liechtenstein.

Significantly, Bitcoin has many benefits if it is used as a form of payment for government services.

  • For example, the coin is time-saving. This means that it enables the citizens to transact faster through automation processes like full; funds movement and payment verification.
  • Moreover, it will keep track of the transactions in real time.
  • Also, using Bitcoin as a payment method can lower transaction charges and other associated fees with conventional payment methods.
  • Additionally, BTC payments can provide a structure that can facilitate the payroll tax collection process by offering proof that all the taxes has been paid.
  • Most importantly, it can securely retain the records of the transactions.

 

 

 

 

 

 

 

 

 

 

 

 

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