Portugal sets to join crypto-friendly nations in Europe

In Europe, Portugal is fast joining the train of crypto-friendly nations like Malta, Switzerland, Italy, Denmark, etc. Reportedly, Portugal is setting up a technology free-zone that enhances innovations like blockchain, Artificial intelligence (AI), big data, and 5G.

Portugal’s council of minister announced that they are working towards building an innovation hub to harness new technologies dubbed “Digital Transitional Action Plan.” The tech-free zone the country is setting up would help Portugal facilitate its sustainable development effort.

The hub is also mandated with avoiding unnecessary procrastination in the regulatory and delivery of legal services for start-ups.

Portugal’s efforts to  join crypto-friendly nations coming at the right time

Portugal’s effort towards digitalization is coming in the middle of the global coronavirus pandemic as many other countries in the world also are joining the train to digitalize a lot of things. Crypto experts are lauding Portugal’s effort, especially transforming Lisbon, the capital city into a crypto and blockchain hub that would serve local and foreign firms.

Portugal joining the crypto-friendly nations and supporter of crypto and blockchain still lags behind other crypto-friendly nations in Europe. Malta, for example, its government has begun removing crypto-related barriers to enable its growth.

Countries revisiting cryptocurrencies  amidst pandemic

The current global pandemic is making the world switch from the traditional way of doing things to embracing digital technologies. Many countries are beginning to look at cryptocurrencies and blockchain again, and others are looking at launching a Central bank digital currency. China precisely has already started testing its own CBDC.

Also, many countries are looking at other ways of using cryptos, especially blockchain tech. Switzerland, for example, registered Bitcoin Association as a non-profit organization to aid in creating awareness about blockchain and cryptocurrencies.  As the country tries to turn Zurich into a blockchain hub, other states are looking at how they too can benefit from it.

Iran also outside Europe is creating favorable laws for crypto mining to salvage its economy from US sanctions, especially as Bitcoin halving looms.  With all this development, Portugal’s effort towards becoming a crypto-friendly nation seems reasonable. Digital technologies, no doubt is where the world is heading to. Therefore, countries are doing the right thing to key into them.