Major Portuguese bank blocks fiat transfers to crypto platforms

Portugal’s Banco of Investimentos Globais (BiG) has started blocking fiat transfers to crypto platforms in compliance with guidelines from the European Central Bank and others. This decision aims to prevent money laundering and terrorism financing. Despite this, other banks in Portugal, like Caixa Geral de Depósitos, continue to allow such transfers. Critics like Delphi Labs co-founder José Maria Macedo argue that crypto is the future and banks need to adapt. Additionally, ECB economist Jürgen Schaaf has been critical of Bitcoin, citing volatility and environmental concerns. However, other ECB officials, like Piero Cipollone, are calling for the EU to embrace digital assets and blockchain technology to improve capital markets.