Banco of Investimentos Globais (BiG), one of Portugal’s largest banks, started blocking fiat transfers to crypto platforms, according to a shared by Delphi Labs co-founder José Maria Macedo.
This notification cited the compliance of guidelines by the European Central Bank, European Banking Authority and Bank of Portugal regarding the risk associated with digital assets.
Additionally, the notification states that the decision was driven by a need to ensure compliance with the country’s laws against money laundering and terrorism financing.
BiG reported nearly €7 billion in assets under management in 2023, equivalent to roughly $7.2 billion.
As of now, the blocking of transfers from fiat currency to crypto-platforms in Portugal appears to come only from BiG. A user said Comments on Macedo’s publication, fiat transfers to crypto platforms using Portugal’s largest bank, Caixa Geral de Depósitos, are regular.
Macedo criticized BiG’s move, stating:
“Crypto is inevitable, banks are dead, and these abuses of power will only redpill more ppl into moving their wealth on-chain.”
EU’s mixed stance on crypto, blockchain
The guidelines mentioned by BiG could be related to a publication by ECB economist Jürgen Schaaf, a known Bitcoin (BTC) critic. Last February, he released a report. A paper Highlighting Bitcoin’s volatile nature and its potential for environmental harm.
The document also questioned Bitcoin’s price at the time, when it crossed the $50,000 price mark, claiming it was a “dead cat bouncing”Market manipulation is the main cause of this. Since then, the flagship cryptocurrency has risen another 100%.
Schaaf claimed that approval of exchange-traded fund (ETF), in the US, would not make Bitcoin attractive and secure as an asset. In the end, he urged tighter regulations of BTC. “practically forbidding it.”
Schaaf also published a report on 20 October of the same calendar year. One more paper Bitcoin early adopters are favored at the expense of new investors. He also claimed that Bitcoin does not increase the economy’s productive capacity.
Piero Cilpollone (ECB Executive Board Member) recently called for the EU embrace digital assets, distributed ledger technology and blockchain to Break down the fragmentation of Europe’s capital markets.
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