Business

Steve Kaaru

Buy cryptos at the post office: It’s now possible in Liechtenstein

Citizens of Liechtenstein will now be able to purchase cryptocurrencies at their post offices. The country’s postal service announced that it would kick off the service in the nation’s capital of Vaduz. Initially, clients will only be able to purchase Bitcoin Core (BTC) with their fiat currencies; however, the service will soon be available in the other post offices.

Liechtensteinische Post AG further revealed that after the introductory phase, it would expand the service. It intends to support other cryptos as well including Ethereum, XRP, Litecoin and Bitcoin Cash (BCHABC).

The initiative is part of a push by the postal service to explore new business opportunities. In its announcement, it assured its users that the crypto exchange business would not be different from the money business service which it has operated since its formation in 2000.

The postal service partnered with Värdex Suisse AG in the venture. Värdex is a Switzerland-based blockchain and POS network operator. Based in the crypto valley that’s Zug, it touts itself as the largest blockchain operator in the country. It was originally formed as a subsidiary of Bitcoin Suisse AG, a crypto asset manager and financial broker. 

According to the press release, the client will receive a physical wallet that will generate private and public keys. 

Liechtenstein has continued embracing cryptos and leapfrogging other European economic powerhouses in its wake. The country, which has a population of just 40,000, has implemented crypto-friendly regulations which have spurred the growth of crypto startups at a faster rate than other European nations.

And while JP Morgan recently made headlines by being the first bank in the U.S to have its own digital currency, Liechtenstein has already been there, done that. In August last year, the Union Service Bank AG announced that it would be launching its own Union Bank Payment Coin as well as a security token.

The security token was issued first in alignment with Liechtenstein’s regulatory authority FMA. The Financial Market Authority (FMA) is the primary financial regulatory agency in Liechtenstein. The Union Bank Payment Coin is a stablecoin that’s pegged to the Swiss Franc.

The crypto friendly regulatory stance by the country has led to an influx of crypto startups. At a time when many crypto startups are on the decline, a recent report revealed that Liechtenstein and Sweden had registered a 20 percent rise in the number of crypto startups. The number of startups exploring crypto and blockchain solutions now stands at 750 in the two countries and employs over 3,300 people

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