Portuguese Banco de Investimentos Globais (BiG). blocked fiat transfers to crypto platforms.
BiG cited ECB guidelines on “risks associated with virtual assets”.
The decision has raised concerns among cryptocurrency enthusiasts and businesses. With these developments, can Portugal still be considered a cryptocurrency paradise?
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The co-founder of Delphi Labs openly criticized BiG’s decision
One of Portugal’s largest banks, BIG, is now blocking transfers to cryptocurrency exchanges, citing ECB guidelines on the matter "risks associated with virtual assets"
Cryptocurrencies are inevitable, banks are dead, and these abuses of power will only push more people to move their wealth onto the chain pic.twitter.com/QFTfWCcKdz
— José Maria Macedo (@ZeMariaMacedo) January 7, 2025
Delphi Labs co-founder José Maria Macedo turned to X to address the problem. He said: “One of Portugal’s largest banks, BIG, is now blocking transfers to cryptocurrency exchanges, citing ECB guidelines on the risks associated with virtual assets.”
“Cryptocurrencies are inevitable, banks are dead, and these abuses of power will only push more people to move their wealth on-chain,” he added.
Fortunately, BiG’s position has not yet been widely adopted. Notably, other Portuguese banks such as Caixa Geral de Depósitos continue to allow fiat transactions on cryptocurrency platforms.
However, Portugal is not the first country where banks have restricted access to cryptocurrency platforms.
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Is Portugal’s cryptocurrency-friendly reputation at risk?
For years, Portugal has been considered one of the most cryptocurrency-friendly European nations.
The country has gained global attention for its progressive stance on cryptocurrency tax. It offered tax exemptions on individual cryptocurrency-related earnings until 2023.
Even after introducing new tax regulations, Portugal has remained an attractive destination for cryptocurrency traders and businesses thanks 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 blocking fiat payments to cryptocurrency platforms, the bank has effectively created a bottleneck for users looking to connect traditional finance with digital assets.
This raises questions about whether other Portuguese banks will follow suit and what this will mean for the future of cryptocurrency adoption in the country.
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The post Major Portuguese Bank Blocks Fiat Payments to Crypto Platforms appeared first on 99Bitcoins.