The small European country of Liechtenstein has announced that it will soon accept bitcoin payments for certain government services. The move is part of a broader effort to promote crypto adoption in the country.
The news was announced in a recent interview with German daily Handelsblatt by Liechtenstein Prime Minister Daniel Risch. He said that citizens should be able to pay for certain public services in Bitcoin (BTC) in the future.
Risch believes that cryptos exhibit high volatility. It may be risky to entrust them with a portion of the country’s multi-billion dollar annual savings. However, Risch believes this could change in the long run.
In addition, the government would automatically convert digital coins; so as not to be dependent on the volatility present in the crypto market.
The franc is the official currency and Bitcoin would not have legal status,” Risch said.
The decision to accept bitcoin payments for government services will likely be welcomed by the crypto community, which has long advocated for greater acceptance of digital currencies in mainstream commerce.
The Prime Minister also indicated that the country would be monitoring the crypto-market for potential future investments.
Regardless, Liechtenstein’s decision to adopt Bitcoin payments is a big step forward for the crypto industry