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Portugal’s electricity company with Spanish shareholders will accept payments with bitcoin

The Portuguese electricity company Luzboa, with a majority stake in the Spanish group Nexus Energía, announced on February 17 that its users will be able to pay the electricity bill with bitcoin (BTC).

The president of the company, Pedro Morais Leitão, told a local media that the decision is adjusted to the growing interest of people for bitcoin and other cryptocurrencies.

The rate will be called “Bit Spot”. Morais, acknowledged the volatility of the cryptocurrency, but assured that they are “prepared to take the risk.”

Consider that new generations are interested in technology and therefore they are willing to “provide the opportunity to use new means of payment,” he indicated. However, he reported that payments made to the company in bitcoin will be converted into euros.

Although the company did not specify when the measure will be implemented, Morais assured that they are working on developing their own wallet and hope to have everything ready before the end of February.

Luzboa has approximately 5,000 clients in Portugal, who will have the possibility to pay the bills using the precious cryptocurrency.

The Portuguese company that decided to open its doors to cryptocurrencies, sold 51% of its shares to the Spanish Nexus Energía in 2017 and focuses on the commercialization of electricity, specifically on the representation in the market of renewable energy producers.

For its part, the Spanish company is considered a leader in photovoltaic energy. In addition to having a presence in Spain and Portugal, it also provides its services in Germany, as well as in Mexico. In 2019, it had a turnover of 1,100 million euros, as reported on its website.

Bitcoin gains confidence in Portugal

The Portuguese analyst, Enrique Tomé, indicated that the bitcoin fever has been growing in the European country. “The demand for this type of financial products has been recovering the levels registered in the 2017-2018 period and even more projects around this sector are beginning to appear,” he said.

Tomé explained that there is a increase in retail investors who are fond of acquiring bitcoin and other cryptocurrencies. The fact that companies like PayPal have entered the market for digital assets gives confidence that more people will choose to buy bitcoin.

The adoption of bitcoin as a payment method has been expanding as the cryptocurrency gains more traction in the markets with the support of large institutional investors. This allows it to be seen as a reliable option at checkout.

Recently, CriptoNoticias reported that the canton of Zug, in Switzerland, became the first canton to offer the option of paying tax bills with Bitcoin and ether, the cryptocurrency of Ethereum to natural and legal persons.

Similarly, in Dubai, the United Arab Emirates government-owned firm, KIKLABB, reported that, in the Port Rashid free zone, companies will be able to make all payments regarding business licenses and visa fees in bitcoin and other cryptocurrencies, as reported by this medium.