Luzboa, the Portugal-based energy trading company, will start accepting Bitcoin (BTC) as payment for electricity.
It has been reported that Pedro Morais Leitão, the President of Luzboa, announced the news to Portuguese publication Expresso by stating that the new payment option should become available this month.
However, Luzboa will create a Bitcoin wallet in the coming days, allowing residents to pay for electricity under a new payment system known as “Bit Spot.”
According to Leitão, the firm plans to instantly convert received Bitcoin into euros to protect its business from unstable prices.
“We are aware of currency volatility, but we are prepared to take some risk.”
Leitão explained that the main idea of the initiative is to “capture a niche market” rather than make its customers move 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.”
Likewise, Portugal has been slowly emerging as a crypto-friendly country despite industry awareness among local regulators staying relatively low in recent years.
Thus, the country is specifically known for charging zero taxes from retail cryptocurrency trading after the Portuguese finance minister announced that retail trades of Bitcoin were not taxable in late 2017.