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    Home»Crypto News»Main Portuguese financial institution blocks fiat transfers to crypto platforms
    Main Portuguese financial institution blocks fiat transfers to crypto platforms
    Crypto News

    Main Portuguese financial institution blocks fiat transfers to crypto platforms

    By Crypto EditorJanuary 8, 2025No Comments2 Mins Read
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    Main Portuguese financial institution blocks fiat transfers to crypto platforms

    Banco of Investimentos Globais (BiG), one among Portugal’s largest banks, began blocking fiat transfers to crypto platforms, in accordance with a notification shared by Delphi Labs co-founder José Maria Macedo.

    The notification cited compliance with pointers revealed by the European Central Financial institution (ECB), the European Banking Authority (EBA), and the Financial institution of Portugal about dangers related to providing digital property.

    Moreover, the notification states that the choice was pushed by a necessity to make sure compliance with the nation’s legal guidelines in opposition to cash laundering and terrorism financing.

    BiG reported practically €7 billion in property underneath administration in 2023, equal to roughly $7.2 billion.

    Notably, for now, blocking fiat transfers to crypto platforms in Portugal appears to be coming simply from BiG. In accordance with a person commenting on Macedo’s publication, fiat transfers to crypto platforms utilizing Portugal’s largest financial institution, Caixa Geral de Depósitos, are common.

    Macedo criticized BiG’s transfer, stating:

    “Crypto is inevitable, banks are lifeless, and these abuses of energy will solely redpill extra ppl into shifting their wealth on-chain.”

    EU’s combined stance on crypto, blockchain

    The rules talked about by BiG could possibly be associated to a publication by ECB economist Jürgen Schaaf, a identified Bitcoin (BTC) critic. In February final yr, he revealed a paper highlighting Bitcoin’s volatility and potential environmental harm. 

    The doc additionally questioned Bitcoin’s value on the time, when it crossed the $50,000 value mark, claiming it was a “lifeless cat bouncing” fueled by market manipulation. The flagship crypto has since climbed one other 100% in worth.

    On the time, Schaaf argued that the approval of spot exchange-traded funds (ETF) within the US would fail to make Bitcoin enticing as a safe and legit asset. He concluded the doc by urging tighter regulation of BTC, as much as “virtually forbidding it.”

    On Oct. 20 of the identical yr, Schaaf revealed one other paper claiming that Bitcoin advantages early adopters to the detriment of recent buyers. He additionally claimed that Bitcoin doesn’t enhance the financial system’s productive capability. 

    In the meantime, Piero Cipollone, an ECB Government Board member, not too long ago referred to as on the EU to embrace digital property and distributed ledger know-how (DLT) to sort out the fragmentation of Europe’s capital markets.

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