Liechtenstein plans to partially legalize bitcoin cryptocurrency

The Principality of Liechtenstein wants to introduce the cryptocurrency bitcoin as a payment method for public services. This was announced by the Prime Minister of Liechtenstein Daniel Riesch in the Handelsblatt newspaper.

«The possibility of paying with bitcoin is approaching,» he said. However, he did not name any specific timeframe. According to the current state of planning, it is likely that the principality will accept bitcoin deposits and immediately exchange them for the national currency, the Swiss franc, according to Riesch, who is also the principality’s finance minister in addition to his position as head of government.

With the direct exchange, the principality will be freed from price risks associated with cryptocurrency fluctuations.

Currently, the principality has a budget reserve of CHF 2.2 billion, which is equivalent to 2.5 years of the budget. Riesch commissioned a group of experts to study whether part of this reserve could also be invested in cryptocurrencies. The conclusions of the working group are currently being detailed.