Portugese Electricity Retailer To Incorporate Bitcoin Payment Method

Luzboa, a portugal-based electricity retail firm is making plans to facilitate the use of Bitcoin as a payment means. The electricity retail company said it is making proper technological advancement possible so as to start this great progress.

Making Things Easy For Tech Elites

Luzboa feeds upto 5,000 clients with electricity. Among these people are, domestic users, institutional users and companies. The clients pay for this service through the firm. This new proposed move is however targeted towards those who wish to pay through their cryptocurrencies.

Considering the latest changes in Bitcoin price and  its upwards trend, most countries are already adopting the use of this cryptocurrency as an exchange means.

Luzboa does not intend to trade or hodl any token. It only wants to ease things for the tech saucy ones who are open to the idea of paying in Bitcoin. It also wants to build an ecosystem of clients who are ready to embark on this crypto payment journey.

Luzboa’s president Pedro Morais Leitão commented on this saying;

“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.”

Although the Bitcoin payment option can be a welcome idea, the volatility of the crypto asset is a bit of concern. Luzboa has assured its client that it will convert the Bitcoin paid into Euros. It will do this to avoid risks and for each client to have a definite representation of their tax obligations. 

The electricity retail company has made out plans to create a payment platform that will direct clients to pay into a Luzboa wallet. 

What Does This Means For Portugal?

Portugal like some other countries are skeptical when it comes to crypto adoption. It isn’t clear when it will go fully blown on crypto inclusion. 

Analyst have however opined that the level of exposure to crypto assets in the country is getting high daily. This also gives a promising sign that the country is moving towards a better future.

Henrique Tomé analyzed that;

“Portugal still has modest levels, but in recent months we have seen a significant growth in demand and transactions of crypto-activities, and we are starting to see investments by companies in this sector, domestically”