Madeira, a Portuguese autonomous region, has stated that it may accept bitcoin as legal tender. The location, which is well-known for its namesake wine and warm, subtropical climate, may be remembered in the name of Bitcoin. The area’s 2.54 lakh residents will now be able to reap the full benefits of bitcoin.
The announcement came simultaneously as El Salvador announced its intention to accept Bitcoin as legal tender last year.
Madeira announced this at the Bitcoin 2022 convention. According to the President of the Authorities of Madeira, Miguel Albuquerque, Madeira, a Portuguese autonomous region, will “undertake bitcoin” on this archipelago.
The Regional Government’s President, Miguel Albuquerque, is in the United States, attending ‘Bitcoin 2022,’ the largest international crypto conference, which begins on Wednesday and concludes tomorrow in Miami, Florida. At the event, which is being held at the Miami Beach Convention Center and will feature over a hundred speakers, the Madeiran official emphasized the Region’s main attractions, emphasizing the economic, tourist, and tax sectors. Prospera, jurisdiction on the Roatán island off the northern coast of Honduras, and Madeira, an autonomous region in Portugal, are the latest territories to adopt bitcoin as de facto legal tender, following El Salvador’s official recognition of the asset in September 2021.
Miguel Albuquerque spoke, emphasizing the Region’s favorable conditions for foreign investment, particularly in cryptocurrencies. In a Twitter intervention, he emphasized the advantages of investing in the International Business Center of Madeira, particularly the fact that cryptocurrency operations are tax-free.
Albuquerque has ensured that Madeira provides “excellent conditions” for anyone wishing to work in the Region, both lodging and communication quality. Aside from the IBC, Madeira has a corporate tax rate “one of the lowest in all of Europe.”
In terms of the bitcoin industry, he believes it is possible to create a “favorable environment” for this type of venture. According to a Madeiran official, Miguel Albuquerque is in the United States to meet with technological companies that have expressed interest in opening a store at Madeira’s International Business Center.
In addition to Madeira, the Honduras island of Roatan will accept bitcoin as legal tender, and the island may also be attempting to grant bitcoin tax-exempt status.
Furthermore, the island’s financial-free zone, managed by Honduras Prospera Inc., will allow the issuance of bitcoin bonds to attract international direct investments. Joel Bomgar, President of Honduras Prospera, a financial growth platform, made the assertion.
Indira Kempis, President of the Mexican Senate, stated that new laws focusing on bitcoin and fintech, in general, are being considered. They want to meet with the President to discuss making bitcoin legal tender in Mexico.
The President of the Madeira Regional Government also announced that residents do not have to pay income taxes when they buy or sell Bitcoin.