Investimentos Globais, a leading Portugal bank has announced to halt the fiat transaction to the cryptocurrency platform. In a most recent X post, the co-founder of Delphi Labs, BiG, José Maria Macedo, announced the change in the policy.
Yet Maria Macedo has expressed strong disapproval of the bank activity, further arguing that they could motivate more and more people to shift their money to blockchain.
He also quotes that ” Cryptocurrency is inevitable, banks are dead, and these abuses of power will only red pill more ppl (people) into moving their wealth on-chain.”
The move of the bank is largely criticized, however, there are still some known banks in the region that facilitate fiat-to-crypto transactions.
It is worth noting that a capital gain tax of 28 percent is imposed on holding cryptocurrencies for less than 365 days or short-term investors, although holding for a longer time might set the investors tax-free, except in some cases.
fiat-to-crypto transactions to surpass traditional banking revenue
Yet the topic remains one of the most debatable topics in the market, in the past few years a major shift in banking sector technology adoption and working techniques has been observed.
The answer to whether fiat-to-crypto transactions will surpass traditional banking revenue is not straightforward, but the surge in penetration of blockchain and digital ledger has reshaped the banking industry.
Cross-border payments saw a significant development in the past few months, and Ripple has been regarded as the pioneer in transforming cross-border payments.
With the surged adoption of cryptocurrencies worldwide, the revenue of banks from traditional business has seen a staggering decline with the number of banks now offering digital assets-based services.
In order to maintain their presence and dominance in the finance industry, dozens of known names have rushed towards the launch of their in-house crypto services to cater to a massive user base.
Several reports published in the previous year allege that the revenue of banks has mirrored a massive decline after the traditional user base has moved towards digital assets and other related products.
Crypto Market Price Updates
At the time of writing, the cryptocurrency market capitalization was at $3.23 trillion with an intraday decline of 7.38 percent, similarly, Bitcoins reflected a bear dominance with a loss of 6.23 percent reaching below the mark of $96k.
It is crucial to note that, on January 07, BTC was trading above $100k, and a major bull control was seen with the positivity in the fund flow in the wider Bitcoin ETF market.
Not only Bitcoin but Ethereum, XRP, Solana, Dogecoin, and Cardano have lost a significant percentage of their trading prices in the past 24 hours.
According to the data available on CoinMarketCap, the intraday losers list has been topped by Fantom trading at $0.6415 with a decline of 18.25 percent, followed by Hyperliquid, Ethena, Celestia, Gala, Bong, Fartcoin and IOTA including few others.
