At the biggest Bitcoin event in Miami, Madeira was the focus as one of three new zones that are on the path of adopting Bitcoin. El Salvador championed Bitcoin in 2021 and adopted it as a legal tender.
The announcement was made by prominent Bitcoin advocate Samson Mow. He has been instrumental in the implementation of Bitcoin laws in the Central American republic and is reported to be collaborating with other countries in South and Central America.
The enthusiasm displayed by the president and Mow’s involvement gives their announcement the much-needed credibility and weight.
The tiny Portuguese archipelago’s announcement had spurred both enthusiasm and confusion. President Miguel Albuquerque of the Regional Government had stated that he believed in Bitcoin and wanted to create a fantastic environment for Bitcoin. But he did not go into details.
At his announcement, Mow had unveiled three new zones along with his new company JAN3, among them Madeira.
Madeira’s President Announce That Bitcoin Would Shape The Future Of The Island
Mow’s announcement that the autonomous region of Portugal would be adopting Bitcoin had been a source of confusion, as people assumed was adopting Bitcoin as legal tender. But the confusion was cleared by Madeiran entrepreneur, Andre Loja. He spoke extensively about the way Bitcoin was expected to shape the development on the island.
Madeira President Miguel Albuquerque was later invited to state at the event that Bitcoin would be outside the purview of personal capital gains tax. While many nations treat Bitcoin as property instead of currency, sellers have to pay capital gains tax when selling crypto assets. He concluded his speech by declaring that he would create a fantastic environment in Madeira for Bitcoin.
Earlier, Loja had advocated that Madeira adopt the orange pill, representing Bitcoin d along with its freedom and monetary sovereignty. He had shared his vision that Bitcoin would not only attract foreign investments but also protect the island of Madeira from the government-issued currency, or the fiat system.