Portuguese Electricity Retailer Starts Accepting BTC As Payment

The Portuguese electricity retailer Luzboa will start accepting BTC as a method of payment and people in the country will be able to use crypto to pay their bills so let’s read more in our latest Bitcoin news today.

With Bitcoin surging to new ATHs, the improving regulatory climate, and the growing adoption by large companies are some of the factors that lead BTC to make its way as a means of payment in the traditional world so businesses in Portugal also started taking notice. Luzboa, the Portuguese electricity retailer announced that it will have to adapt to these emerging technologies therefore it started accepting BTC as a method of payment. The company serves about 5 thousand domestic, corporate and institutional customers and about 2 thousand of them pay for services according to the Spot market rate.

The electricity company doesn’t have in mind to hold more tokens or to make more BTC investments but according to Luzboa’s president Pedro Morais Leitao, the idea here is to capture customers that are avid to using their crypto and they already trust them as a means of payment:

 “We know about the volatility of the currency, but we are prepared to assume some risk. There is a new generation interested in cryptocurrencies. We are willing to give them a chance to use new means of payment.”

To avoid any risks, Luzboa will convert BTC payments to EUR and all invoices will be expressed in Euros so the customers fulfill the obligation to express fiat denomination for tax purposes. Luzboa s working to create a platform that will allow for payments to be made to the wallet of the company and they didn’t say whether they are looking to work with a payment processor or not. Portugal is slow compared to other countries in regards to BTC adoption so it seems that the country doesn’t want to lose the race now once BTC started surging.

According to an analyst from XTB, Henrique Tome, people in the country are increasing their exposure levels to BTC as well as other crypto-assets so the country’s businesses are following the same trend. Portugal has modest levels still but over the past few months there was a huge growth in demand of crypto activities so we are seeing even more investments from companies in the electricity sector.