Banco de Investimentos Globais (BiG), one of Portugal’s leading banks, has blocked fiat transfers to cryptocurrency platforms.
This was revealed in a notification shared by José Maria Macedo, co-founder of Delphi Labs.
The notification stated that the action aligns with guidelines from the European Central Bank (ECB), the European Banking Authority (EBA), and the Bank of Portugal, highlighting the risks of digital assets. It also highlighted the decision’s purpose of ensuring compliance with Portugal’s laws designed to combat money laundering and the financing of terrorism.
In 2023, BiG reported managing nearly €7 billion in assets, which is approximately $7.2 billion and is the only bank in Portugal that blocks fiat transfers to crypto platforms.
The guidelines referenced by BiG appear connected to a publication by ECB economist Jürgen Schaaf, a prominent critic of Bitcoin (BTC). In February 2024, Schaaf released a paper highlighting concerns regarding Bitcoin’s volatility and potential environmental impact. He scrutinized Bitcoin’s price then, notably when it exceeded the $50,000 threshold, labelling it as a “dead cat bounce” inspired by market manipulation. Since his analysis, however, Bitcoin’s value has surged by an additional 100%.
He argued that approving spot exchange-traded funds (ETFs) in the US would not legitimize Bitcoin as a secure asset. He calls for stricter regulations, including a possible “practical prohibition” of Bitcoin. On October 20, he published another paper suggesting that Bitcoin primarily benefits early adopters at the cost of new investors and does not contribute to the economy’s productive capacity.
In another development, Ledger hardware wallet users can convert fiat to cryptocurrencies and vice versa directly on their devices. This follows a partnership with UK fintech giant Revolut, which will be integrated into Ledger Live as a “buy provider.” The integration allows users to buy cryptocurrencies without transferring funds to exchanges or undergoing additional identity checks, streamlining the process and promoting full self-custody of financial assets.
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