On 7th May, Daniel Risch, the Prime Minister of Liechtenstein, advocated the use of Bitcoin-led payment as payment of salaries, etc. According to reports, in an interview given by Liechtenstein’s Prime Minister, “Bitcoin payment option is coming.”
Payment in cryptocurrencies, specifically in Bitcoin becoming a new trend nowadays as some athletes, politicians, and other personnel receive their salaries in Bitcoin or other cryptocurrencies. Yesterday, Daniel Risch in an interview shared his views on Bitcoin adoption in the European region. Risch said European microstates want to embrace Bitcoin as the preferred payment method. Also, the government sector is keen to implement the Bitcoin method directly convertible to Swiss francs, the national currency of Liechtenstein.
The region has been very vocal and less restrictive in the adoption of cryptocurrencies as an official payment method. In March 2022, Lugano, a region in Switzerland, started accepting crypto for tax payments. Also, the municipality announced the adoption of the use of cryptocurrencies as a medium of conducting day-to-day operations. For those who are not aware, Mcdonald’s also accepts Bitcoin in Lugano.
In 2019, Liechtenstein became the first country in the world to finalize the crypto-dedicated bill which helped them smoothen the use of cryptocurrencies. Additionally, the Swiss region has remained a favorable destination for crypto firms to perform their businesses. In 2022, the opening of operations in Switzerland was announced by Bitpanda and Copper. co, both of whom have their headquarters in Austria. This clarifies how important better crypto regulation is to attract investments.
The Liechtenstein Cryptoassets Exchange (LCX), which also has its headquarters in Zug’s “Crypto Valley,” is one example of a company demonstrating how the Alpine area is modernizing its centuries-old banking sector. There are various reasons why the region is emerging as a global hub for the crypto industry. According to reports, other crypto regulations are primarily controlled by central banks and lawmakers with very little knowledge but in the Swiss region, it’s completely different. In the Swiss part, self-regulatory bodies with dedicated knowledge teams control the crypto management.
