Liechtenstein is planning to add bitcoin (BTC) as a payment option for government services, German news outlet Handelsblatt reported on Sunday.
Any crypto received as payment will likely be immediately exchanged for Swiss francs, Liechtenstein’s national currency, Prime Minister Daniel Risch told the newspaper.
The European Union is now finalizing its landmark licensing regime known as the Markets in Crypto Assets (MiCA) regulation – something that could draw to the region crypto firms seeking regulatory clarity. Although Liechtenstein is not a member of the bloc, it is part of the greater European Economic Area (EEA), to which the framework’s relevance can be extended.
Risch, who is also the country’s finance minister, did not specify a timeline for adding the payment option, according to the report.
Although crypto is too volatile to entrust portions of the country’s multi-billion dollar annual savings, that could change, the Prime Minister reportedly signaled.
Read More: Liechtenstein Plans to Add Bitcoin as Payment Option for State, Prime Minister