About 5,000 users will now have the option to pay with Bitcoin. The company expects to be able to launch its Bitcoin wallet soon.

Portuguese electricity company Luzboa has a majority stake in Spanish group Nexus Energía. They recently announced that their users will be able to pay the electric service bill with Bitcoin (BTC).

Pedro Morais Leitão, the president of the company, spoke about that decision with local media. He stated that this is in line with people’s growing interest in Bitcoin and other cryptocurrencies.

They will call that rate “Bit Spot.” Morais acknowledged that the cryptocurrency is volatile, but he said that they are “ready to take the risk.”

The executive considers that younger generations are interested in technology. For that reason, he believes that they will be willing to “provide the opportunity to use new means of payment.” However, he reported that the Bitcoin payments that the company receives will be converted into euros.

The company did not specify when the implementation of the measure will begin, but Morais said that they are developing their wallet. He explained that they expect everything to be ready before the end of February.

In Portugal, there are about 5,000 Luzboa customers, who will now be able to pay their bills with the pioneering cryptocurrency.

Luzboa, who decided to open its doors to cryptocurrencies, sold 51% of its shares to Spanish company Nexus Energía in 2017. The former focuses on commercializing electricity, specifically on behalf of the market of renewable energy producers.

Concerning Nexus Energía, they consider themselves the leading company in photovoltaic energy. They are present in Spain and Portugal, and they also provide their services in Germany and Mexico. In 2019, they billed EUR 1.1 billion, according to their website.

Bitcoin Gains the Trust of People in Portugal

The fever for Bitcoin has been growing in the European country, according to Portuguese analyst Enrique Tomé. “This type of financial product has been recovering the levels of demand that they recorded between 2017 and 2018. Now there is a growing number of projects in this sector,” he said.

There is an increase in the number of retail investors welcoming Bitcoin and other cryptocurrencies, Tomé explained. Companies like PayPal have entered the market of digital assets, which gives confidence that more people choose to buy Bitcoin.

The cryptocurrency is gaining strength in the markets thanks to the support of large institutional investors. This has contributed to expanding the adoption of Bitcoin as a payment method. For that reason, people see it as a reliable option when it is time to pay.

Swiss canton Zug shows its role as a pioneer in the cryptocurrency ecosystem. This is the first canton to offer individuals and legal entities the option to pay tax bills with Bitcoin and Ether.

Similarly, KIKLABB, a firm that the government of the United Arab Emirates (UAE) owns, recently talked about Bitcoin (BTC) and other cryptocurrencies. In Port Rashid, in Dubai, they said that companies will be able to use them to pay for business licenses and visa fees.

By Alexander Salazar


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