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Learn More about buying USDC in Portugal
How to buy USD Coin in Portugal
Is USDC a good investment in Portugal?
The USD coin was released in September 2018 as a bridge between dollars and trading on cryptocurrency exchanges. It means USD Coin is equal to USD but in the cryptocurrency world. Therefore, its price is always equal to $1. However, there were sometimes during its history when the price changed a bit, but that wasn’t that much to consider. Anyhow, the USDC price has never been more than $1, and less than $0.99. That shows how stable this coin has been through all these years.
Since the USDC price never changes, you might wonder if it is a good investment. To answer this question, we need to explain how stablecoins are used and invested. They are not considered an investment to get profit, but investors usually buy stablecoins to avoid the volatility of the cryptocurrency market. If the market seems so volatile, traders and investors swap their coins with USDC and keep it stable until they pass the bad days of this market. That’s how they can keep their assets safe from losing their value.
What is USD Coin ?
Circle is a financial technology company that created USD Coin with the collaboration of Coinbase. Their main goal was to help people gain more money on the internet and be able to exchange their coins more easily. The USD coin is considered a dollar in people’s digital wallets.
Learn more on USDC official website.
Is USD Coin legal to buy in Portugal?
Yes. According to the Financial Action Task Force (FATF) document provided by Banco de
Portugal (Central Bank of Portugal) which was published to provide a definition for
cryptocurrency, virtual currency or cryptocurrency is a digital representation of value that can be
digitally traded and functions as a medium of exchange; and/or a unit of account; and/or a store
of value. According to the mentioned document, virtual currencies are the wave of the future for
payment systems and users can purchase cryptocurrencies and engage in specific activities
that involve virtual currency payments.
Is USD Coin taxed in Portugal
According to the taxation of cryptocurrencies official ruling form by the Portuguese Tax Authority
(Autoridade Tributária e Aduaneira), in line with the personal income tax regulation process No.
5717/2015, the Portuguese Tax Authority examined the possible classification of
cryptocurrencies within certain types of income that are subject to tax, like capital gains, capital
income and income from business activities. According to the above-mentioned document, the
tax authority decided that natural persons should not be taxed on their crypto gains from selling
cryptocurrencies. The Tax Authorities confirmed that the income from this type of assets is
presumably not taxable, unless the income arises from the performance of constant, regular and
After you've bought USD Coin in Portugal
USD Coins can be used to pay for goods or services. It is also tradable on most exchanges. Thus, you can trade your USDC to any other cryptocurrency whenever you want. USDC owners can always exchange it with the dollar and receive cash equal to the number of coins they have. For example, if you have 100 USD coins in your wallet, you can turn them into $100 cash. Furthermore, USDC offers investors safety during times of instability or downturn in the crypto market. Therefore, it is the best option for investors to keep their digital assets stable for a while. Since the price of USDC is always stable, they won’t lose much money. However, you should still read more about it to know if it is the best time to trade your current assets with USDC or buy this coin.
Who can buy USD Coin in Portugal?
Anyone. The safest and simplest way to buy cryptocurrency in Portugal is through crypto
exchanges, specifically if you are a beginner entering the crypto-world. All you need to do is to
make an account, fund your account through a variety of payment methods, search for your
intended cryptocurrency and buy your crypto assets. Portugal authorizes payment services such
as: Apple pay, Google pay, Credit Card, Debit Card, Bank Transfer and PayPal. Our exchange
provides you with secure and fast cryptocurrency transactions through such payment services
whereas you pay no exchange fees for your transactions in Portugal.
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Payment methods to buy USD Coin in Portugal
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Frequently asked questions
Most exchanges support USDC as a trusted and available coin. Find a suitable exchange to trade or buy this coin. However, some exchanges may ask you to pay additional money as the processing fee. But if you buy USDC in the BlockTrade exchange, you don’t have to pay that fee. That’s why Blocktrade is considered one of the cheapest and the most secure exchanges to buy crypto.
Yes. According to taxation of cryptocurrencies official ruling form by the Portuguese Tax
Authority, selling your cryptocurrency is allowed and tax-free in Portugal if it isn’t used as a
source of income.
No. According to taxation of cryptocurrencies official ruling form by the Portuguese Tax
Authority, there are no reporting obligations in case of cryptocurrency transactions above a
certain threshold, other than suspicious activities covered by Portuguese AML Law.
USD Coin will be available as long as the cryptocurrency world is still alive. Furthermore, since its price is stable and equal to the dollar, it would still be in use in the future.
It is estimated that over 240 thousand people, 2.37% of Portugal’s total population, own some
form of crypto assets.
The truth is that USD Coin is not as profitable as other cryptocurrencies. The main advantage it has is the stable price. Therefore, you can use this coin to stabilize your digital assets for a while or be able to exchange coins more efficiently.