In an intriguing development announced on the second day of Bitcoin Amsterdam 2023, Miguel Albuquerque, President of Madeira, and Prince Filip of Serbia, revealed plans to establish a Bitcoin business hub in the Madeira region.
During a chat, the duo outlined the hub’s aim to spur innovation in technology and Bitcoin. Moreover, Prince Filip, an avid Bitcoin advocate, expressed his elation at Madeira’s forward-looking approach towards the cryptocurrency.
The venture seeks to extend partnerships and encourage collaborations with tech experts, businesses, and governments alike. “It started with some guys in Madeira who work really hard, and it’s open to everyone who wants to collaborate,” stated President Albuquerque. Besides being a technological advancement, the initiative also repositions Madeira’s economic focus towards high-tech companies, artificial intelligence, and Bitcoin.
No personal income tax for Bitcoin investors in Madeira
Significantly, this isn’t Madeira’s first stride into cryptocurrency. In the Bitcoin 2022 conference held in Miami, President Albuquerque announced that BTC investors wouldn’t be subject to personal income taxes in the Madeira region. “I believe in the future, and I believe in Bitcoin,” the President had proclaimed back then.
Additionally, a delegation of Bitcoin enthusiasts visited Madeira earlier this year. They engaged in discussions with President Albuquerque about the ongoing adoption of Bitcoin across the region. Such engagements substantiate the seriousness with which the Madeira government is approaching cryptocurrency and its underlying technologies.
The new Bitcoin business hub aims to make Madeira a nerve center for Bitcoin activities. It opens the door for exponential growth in a region already known for its forward-thinking policies on digital currencies. As the world gradually embraces Bitcoin as a legitimate financial asset and technology for the future, such initiatives further its cause.
This announcement is expected to attract more high-tech companies to Madeira, one of Portugal’s two autonomous regions. Furthermore, it will likely enhance the island’s reputation as a hub for innovation and, by extension, contribute to the worldwide acceptance of Bitcoin.
Madeira, with a population of over 250,000 people, joins a host of other regions with a positive attitude towards crypto, such as Germany, the United Arab Emirates, the United Kingdom, etc. But El Salvador and the Central African Republic are the only nations worldwide that have adopted Bitcoin as a legal tender.
The collaborative effort between President Albuquerque and Prince Filip promises a future where Bitcoin isn’t merely a speculative asset but an integral part of Madeira.
Hence, the island of Madeira is not just promoting Bitcoin; it’s welcoming anything connected with this cryptocurrency, marking a significant step towards broader acceptance and implementation of digital assets.
