Portuguese energy company Luzboa will begin accepting bitcoins as payment for electricity through the new Bit Spot payment system.
Luzboa President Pedro Morais Leitão said the new way to pay for electricity will be available this month. In the coming days, Luzboa will create a Bitcoin wallet to accept payments in cryptocurrency through the Bit Spot system. The company plans to immediately convert the received bitcoins into euros to protect against the volatile BTC rate. Leitau added that despite the volatility of cryptocurrencies, he is willing to take some risk.
The company’s initiative is aimed at “capturing a niche in the market”, and not forcing all of its customers to switch to payments in bitcoins. Leitau explained that the new generation is interested in cryptocurrencies, so Luzboa is giving people the opportunity to use new payment methods. Today Luzboa serves over 5,000 customers.
Despite the lack of awareness of local regulators about the cryptocurrency industry, Portugal is becoming a crypto-friendly country. In 2014, the world’s first bitcoin machine appeared in Lisbon. At the end of 2019, the Portuguese Tax Service announced that cryptocurrency trading and payments in bitcoin would not be subject to value added tax (VAT).
In addition, last year, the Portuguese government planned to create “technology free zones” for the development of blockchain, artificial intelligence and 5G. However, in general, the Central Bank of Portugal takes an observer position regarding cryptocurrencies and treats them with caution given their high volatility.
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