The small Portuguese archipelago known as Madeira is said to have “adopted” Bitcoin (BTC) -But what exactly does this mean? The announcement, made at the Bitcoin 2022 conference in Miami, caused confusion.
Miguel Albuquerque, the president of the Regional Government of Madeira, took to the platform in April and declared: “I believe in the future, and I believe in Bitcoin.” He also announced that he would strive to “create in Madeira a fantastic environment for Bitcoin.” However, the specifics remained in the dark.
Interviewed Andre Loja, a Madeiran businessman who has spearheaded the effort that brought BTC into the archipelago of the Atlantic Ocean to discover the ways Bitcoin can influence the development of the islands.
Madeira was a major player on the Bitcoin world map on April 7th when JAN3’s chief executive Samson Mow with pride, declared that the company “will be adopting Bitcoin.”
After the announcement, media agencies across the globe claimed that Madeira had accepted Bitcoin as a legal currency; however, this wasn’t the situation. Loja stated to sources in the days before his announcement that the decision was to have used the phrase “Madeira is embracing Bitcoin.”
In reality, there is no tax on BTC within Madeira along with Portugal -approximately 620 miles to the north. There is no taxation for Bitcoin capital gains, so if any of Madeira’s residents dispose of the proceeds of BTC and doesn’t have to be reported to the tax authorities.
Loja orange-pilled President Madeira just two weeks before the conference, expressing his plans for Bitcoin as more than an opportunity to draw foreign investors and “protect my island from the fiat system.”
Through chance, Albuquerque came to visit Loja’s coworking facility, one of the few spaces that allowed BTC at the time in Madeira – and Loja took the chance to talk about his love for Bitcoin. Madeira was hit hard by the COVID-19 epidemic when the vital tourism revenue plummeted off the mountain. Loja was forced to present an idea of Bitcoin’s potential to President Obama to diversify and improve Madeira’s economy. It also has other benefits.