It should be noted that not all governments have a positive attitude towards digital assets. First and foremost, recent statements from the Central Bank of Russia, which at the end of January 2022 supported a ban on cryptocurrency and coin mining in Russia, come to mind. Although they did not plan to ban the country's citizens from keeping crypto on foreign platforms, the statement frightened fans of digital assets.


A similar situation has been observed in India. Last week, Reserve Bank of India Governor Shaktikanta Das called crypto a threat to the stability of the state. He attributed his viewpoint to the fact that “crypto has no real value”, which is allegedly often forgotten by owners of digital assets. You can read more of the banker’s comments in a separate piece.

Reserve Bank of India Governor Shaktikanta Das

Fortunately, the situation in other countries is just the opposite. The one that stands out most prominently right now is Portugal.

Where cryptocurrencies are better regulated

The country’s advantages over other regions have already been appreciated by the head of the Bitcoin family, Didi Taihuttu, who is a well-known cryptocurrency enthusiast who converted almost all of the family’s savings into BTC in 2016.

The day before, journalists from news outlet Cointelegraph interviewed him. It turns out that Taihuttu and his family have moved to Portugal and wants to share his story about the intricacies of living as a crypto enthusiast in the country.

Didi Taihuttu and his family in Portugal

Six years ago, a law came into effect in Portugal that did not recognise crypto as a currency. Consequently, Portuguese people do not have to pay taxes at all from their digital assets. In addition, Taichuttu noted the local rapidly growing community of crypto enthusiasts. Here’s his rejoinder, in which he shares details of what’s happening.

I know many large Bitcoin owners who already live in Portugal. They remain anonymous. They spend their coins on real estate and just about anything else they can buy.

Indeed, acceptance of digital assets is quite high in Portugal. Locals can pay their utility bills in BTC, with more and more cryptomats popping up in many cities every year.


By the way, acceptance of digital assets is not only happening in European countries. For example, the day before, Colorado authorities announced their desire to accept cryptocurrencies to pay taxes and other payments to the state. This is scheduled to happen by the end of the summer, which means that Colorado crypto holders will be able to use their coins for the new purpose relatively soon. These details have been confirmed by the state's governor, Jared Polis.


Crypto in Portugal

The situation in Portugal is accompanied by a boom in cryptocurrency business. Tiago Vasconcelos, who is the leader of the non-profit crypto-enthusiast group Aceita Bitcoin, has been inspired by the experiment with digital assets in El Salvador. In an interview, he admitted that he hopes for the same popularisation of cryptopayments in Portugal.


We believe that as digital assets become more popular, there will be more and more crypto-friendly countries. Right now, though, huge companies with global names hold bitcoins as an investment, and in El Salvador, BTC is even the national currency. Therefore, crypto will more often be seen as a full-fledged asset - and that's an extra way to interact with it.


What do you think about this? Share your opinion in our Millionaire Crypto Chat. We’ll talk about other topics that affect the world of decentralised assets there as well.