The President of the Portuguese Blockchain and Cryptocurrency Association, Fred Antunes, spoke about the regulation of the cryptocurrency industry in the country and the volatility of bitcoin.
Speaking at the online conference “Cryptocurrencies: A solution to what problem?” organized by the Portuguese Association of Digital Law (APDIG), Fred Antunes shared his thoughts on bitcoin and cryptocurrency oversight. He has described himself as a supporter of regulation as long as it does not hinder technological innovation and protects investors.
According to Antunes, the foundations of libertarianism have been laid in the cryptocurrency market, supporting the freedom of society both politically and legally. Therefore, the main goal of the cryptocurrency market is to make finance and digital governance systems more transparent and fair.
“When some people have a lot of privileges, and others don’t even have the right to choose or participate, all these are relics of the past that are absent in the cryptocurrency space,” Antunes said.
However, the head of the department of payment systems of the Central Bank of Portugal, Rita Bairros, believes that crypto assets cannot be called ordinary currencies, since they do not perform the functions of ordinary money. With market instability, they cannot maintain purchasing power, and given their high volatility, cryptocurrencies cannot be considered a unit of account.
Therefore, they cannot be called a tool for storing value and a means of payment, even despite the legalization of bitcoin in El Salvador, Byrros said. She added that without a central regulatory authority, cryptocurrencies are difficult to consider as true currencies. The Central Bank of Portugal has been following this position since 2017.
To this, Antunes countered that bitcoin does not have to be a currency. Rather, it is a digital intangible asset that bears no resemblance to the currency that people are used to carrying in their pocket. And the volatility of bitcoin is already a myth, since BTC has evolved a lot over 13 years, and its instability depends on what currencies it is compared to.
Antunes explained that in Europe, the volatility of bitcoin is perceived completely differently, in contrast to Turkey or Brazil, where national currencies are depreciating:
“Bitcoin will be a salvation for the citizens of countries suffering from poor government performance. I am sure that in the next few years bitcoin will be recognized as legal tender even in large economies.”
Note that in Portugal, transactions with cryptocurrencies are not subject to value added tax (VAT), due to which the country is considered the most attractive for owners of cryptoassets.
Source: Bits
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