March 8, 2021

Portugal will start selling electricity for bitcoins

Luzboa is planning to convert cryptocurrency to euros to get rid of risks.

Portuguese Luzboa electricity supplier will start acceptingpayment in bitcoins. The new payment method is aimed at customers who trust cryptocurrencies and consider them as a payment method despite the volatility, explained the president of the company, Pedro Morais Leitau.

Luzboa immediately indicated that they were not going toinvest in bitcoin, and all payments in cryptocurrency will be immediately converted to euros to reduce risks. The company's specialists have begun work on a platform that will allow customers to conveniently pay for electricity with bitcoin. Luzboa currently serves over 5 thousand clients. Almost 2 thousand of them pay for electricity supply at the rates of the spot market.

“We know about the volatility of cryptocurrencies, but we are readytake some risk. A new generation is interested in cryptocurrencies and we are ready to give them the opportunity to use new payment methods, ”emphasized Pedro Morais Leitau.