Portugal’s Major Bank Blocks Fiat Payments To Crypto Platforms

Portugal’s Banco de Investimentos Globais (BiG) has blocked fiat transfers to crypto platforms. 

BiG has cited ECB guidance about “risks associated to virtual assets.”

The decision has raised concerns among crypto enthusiasts and businesses. With these developments, can Portugal still be considered a crypto haven? 

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Delphi Labs Co-founder Openly Criticised BiG’s Decision

One of the largest Portuguese banks BIG is now blocking transfers to crypto exchanges, citing ECB guidance about “risks associated to virtual assets”

Crypto is inevitable, banks are dead, and these abuses of power will only redpill more ppl into moving their wealth on-chain pic.twitter.com/QFTfWCcKdz

— José Maria Macedo (@ZeMariaMacedo) January 7, 2025

Delphi Labs co-founder José Maria Macedo took to X to address the issue. He said, “One of the largest Portuguese banks BIG is now blocking transfers to crypto exchanges, citing ECB guidance about risks associated to virtual assets.”

“Crypto is inevitable, banks are dead, and these abuses of power will only “redpill” more people into moving their wealth on-chain,” he added.

Thankfully, BiG’s position is not yet widely adopted. Notably, other Portuguese banks such as Caixa Geral de Depósitos continue to permit fiat transactions to cryptocurrency platforms. 

However, Portugal is not the first country where banks have restricted access to cryptocurrency platforms.

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Portugal’s Crypto-Friendly Reputation At Risk?

For years, Portugal has been regarded as one of Europe’s most crypto-friendly nations. 

The country gained global attention for its progressive stance on crypto tax. It offered tax exemptions on individual crypto gains until 2023. 

Even after introducing new tax regulations, Portugal remained an attractive destination for crypto traders and businesses due to its relatively lenient policies and supportive ecosystem.

This latest move by one of the country’s major financial institutions could signal a shift in that perception. 

By halting fiat payments to cryptocurrency platforms, the bank has effectively created a bottleneck for users trying to bridge traditional finance with digital assets. 

This raises questions about whether other banks in Portugal will follow suit and what this means for the future of crypto adoption in the country.

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The post Portugal’s Major Bank Blocks Fiat Payments To Crypto Platforms appeared first on 99Bitcoins.