Portugal’s BiG Bank Blocks Fiat Transfers to Crypto Platforms
Banco of Investimentos Globais (BiG), one of Portugal’s largest banks, has recently made the decision to block fiat transfers to crypto platforms. This move was shared by Delphi Labs co-founder José Maria Macedo.
Reasons Behind the Decision
- The decision is in compliance with guidelines from the European Central Bank (ECB), the European Banking Authority (EBA), and the Bank of Portugal regarding the risks associated with digital assets.
- It is also driven by the need to ensure compliance with the country’s laws on money laundering and terrorism financing.
In 2023, BiG reported nearly €7 billion in assets under management, which is equivalent to roughly $7.2 billion.
It is important to note that this block on fiat transfers to crypto platforms in Portugal seems to be specific to BiG at the moment. Users have reported that fiat transfers to crypto platforms using Portugal’s largest bank, Caixa Geral de Depósitos, are still regular.
Despite this, José Maria Macedo criticized BiG’s decision, stating:
“Crypto is inevitable, banks are dead, and these abuses of power will only redpill more people into moving their wealth on-chain.”
European Union’s Stance on Crypto and Blockchain
The guidelines followed by BiG may stem from publications by ECB economist Jürgen Schaaf, a known Bitcoin critic. In a paper from last year, Schaaf highlighted Bitcoin’s volatility and potential environmental impact.
He also questioned Bitcoin’s price at the time, claiming it was fueled by market manipulation. Despite his criticisms, Bitcoin’s value has continued to rise.
On another occasion, Schaaf argued for tighter regulation of Bitcoin, even suggesting it should be practically forbidden. However, ECB Executive Board member Piero Cipollone has called for the EU to embrace digital assets and distributed ledger technology to improve Europe’s fragmented capital markets.
