As Portugal’s first bitcoin ATM was officially opened in Lisbon, the Bank of Portugal has been quick to condemn the virtual currency-in-ascendance, saying it is unsafe and not backed by any form of guarantees.
Despite the fact that business supremos like Bill Gates have gone on record saying bitcoin is “better than currency” and a “technological tour-de-force”, the country’s national bank is having none of it.
Bitcoins cannot be relied upon to be used in commercial transactions, it said in an official communiqué last Friday, and worse, it can be easily ‘stolen’ from holder’s virtual purses.
Portugal’s ‘Bitcoin Já’ start-up, which unveiled its first ATM at @cinema in Saldanha on Saturday – and hopes to site two more in the Algarve and Porto shortly – said the bank’s problem with bitcoin stemmed from the fact that it is a currency that is not state-controlled. “That is actually its objective,” explained ‘Bitcoin Já’ boss Joaquim Lambiza, explaining that “everyone”, including financial authorities agree that the technology behind bitcoins “is the future”.
