Portuguese Power Firm Added Bitcoin As Means of Payment for Electricity Bills

By Emily Rys | February 23, 2021

Luzboa – a small-scale, Portugal-based energy trading firm – has reportedly added Bitcoin (BTC) as a payment method for electricity, beginning February. 

Specifically, Luzboa’s president Pedro Morais Leitão reportedly revealed the latest update to the general audience via local publication Expresso, further adding that the new means of payment will be officially rolled out within February. 

Per Leitão, Luzboa will reportedly finalize the development of a Bitcoin wallet, equipping Portugese with the ability to complete payment for electricity, via a new payment system, dubbed “Bit Spot.”

The company reportedly seeks to carry out immediate conversion of any Bitcoin transferred to them into euros, to limit potential risks that could occur to its business from unstable prices. 

“We are aware of currency volatility, but we are prepared to take some risk”. 

Leitão reportedly provided additional details, claiming that the core concept of the project is to “capture a niche market”, instead of forcing its clients to jump into Bitcoin payments. 

“There is a new generation with an interest in cryptocurrencies. We are looking to give an opportunity to use new means of payment,” 

Operating in Viseu – a city and municipality in the Centro Region of Portugal – Luzboa reportedly caters to approximately 5,000 residential clients. Nexus Energía Group – the 5th-ranking independent energy firm in Spain, is the majority stakeholder of Luzboa, following the acquisition of a 51% stake in the company 4 years ago. 

Portugal has reportedly been gradually adopting a pro-crypto attitude, regardless of industry awareness among local regulators is still not high throughout the past years. 

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