Portugal’s cryptocurrency boom over with government set to legalise cryptocurrencies

Portugal's cryptocurrency boom over with government set to legalise cryptocurrencies Credit: Creative Commons

Plans to legislate the cryptocurrency sector are currently being considered by Portugal’s government, that would put an end to the freedom of cryptocurrencies enjoyed by the nation.

Portugal currently has no limitations on this sector, which makes the country a digital tax haven where people with cryptocurrency wealth settle so that no government bodies can exercise control over them, as reported by 20minutos.

Details of how the law will be implemented have not yet been released, but the Portuguese government wants to do it as soon as possible. Its finance minister, Fernando Molina, has made public his commitment to end ‘zero taxation’ for cryptocurrency investors.

Apparently, Portugal’s government is conducting a study to implement an effective and competitive regulation that preserves the country’s interests, as it does not want to lose investors and entrepreneurs who come with the idea of generating business.

However, it must control the legal vacuum in terms of digital assets that currently exists in the country’s legislative system.

The news follows reports of the value of Bitcoin and other Cryptocurrencies falling due to a steep stock selloff at the beginning of the month, with Ethereum, the second biggest digital coin, losing more than 20 per cent in 24 hours.

Thank you for taking the time to read this article, do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.

Written by

Joshua Manning

Originally from the UK, Joshua is based on the Costa Blanca and is a web reporter for the Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com.