Liechtenstein starts accepting cryptocurrencies to pay for public services
The introduction of digital assets aims to reduce the costs associated with conventional transaction fees and exchange rates
30.01.2024 - 09:55
2052
2 min
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What’s new? Liechtenstein has started accepting cryptocurrencies as a means of payment for public services. The initiative is in partnership with Web 3.0 platform xMoney, built on the MultiversX Layer 1 (L1) blockchain. The Principality accepts MultiversX (EGLD) native tokens and other cryptocurrencies available on the platform, including BTC and ETH. The introduction of digital currencies is aimed at reducing costs associated with conventional transaction fees and exchange rates.
What else is known? Liechtenstein residents can use cryptocurrencies to pay for a number of services, including trademark registrations, commercial licenses, and extracts from commercial and family registers.
“A win for the entire industry, and great progress from the xMoney team, who continue to accelerate the adoption of blockchain through cheaper, faster and cross-border payments for more than 15,000 merchants and even entire cities - Lugano, also dubbed as the “Crypto Capital of Europe,” the representatives of MultiversX said.
In May 2023, Liechtenstein Prime Minister Daniel Risch said that in the future, citizens of Liechtenstein would be able to pay for some government services using bitcoin. The Swiss municipalities of Zug and Lugano use a similar approach to bitcoin payments.
What is known about MultiverseX? The company was called Elrond until November 2022 but then rebranded with a focus on development in Web 3.0 technologies and the development of products and services for metaverses.
This scalable blockchain network offers infrastructure services for enterprise and decentralized applications, as well as the new Internet economy. It is one of Europe’s first carbon-negative blockchains.
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