Madeira Follows El Salvador to Accept Bitcoin as a Legal Tender

Vignesh Karunanidhi
Madeira Follows El Salvador to Accept Bitcoin as a Legal Tender
Source: Pixabay

Madeira, an autonomous region of Portugal, said that it would accept bitcoin as a legal tender. The place, which is known for its namesake wine and warm, subtropical climate, will be remembered in the name of Bitcoin.

The 2.54 lakhs population of the region will now be able to enjoy the full-fledged benefits of bitcoin.

The announcement came out at the very time last year when El Salvador announced its decision to accept Bitcoin as a legal tender.

Madeira’s announcement was made at the Bitcoin 2022 conference. Madeira, an autonomous region of Portugal, will “adopt bitcoin” in this archipelago, as per the statements of the President of the Government of Madeira, Miguel Albuquerque.

I believe in the future and I believe in bitcoin, Albuquerque said on stage at the conference. He added that his government will “continue to work to create a fantastic environment for bitcoin in Madeira.

Who else joined the bandwagon?

Along with Madeira, the island of Roatan in Honduras will also be accepting bitcoin as a legal tender. The island is also looking to give bitcoin a tax-free status.

Furthermore, the island’s economic free zone, controlled by Honduras Prospera Inc., will allow bitcoin bonds to be issued to attract foreign direct investments. Joel Bomgar, President of Honduras Prospera, an economic development platform, provided the statement.

Mexican Senate, Indira Kempis, stated that they are looking into new legislation that focuses on bitcoin and fintech broadly. She also added that “We want to sit down with the president to talk about making bitcoin legal tender in Mexico.”

The President of the regional government of Madeira also announced that the residents don’t require to pay income taxes when they buy or sell Bitcoin.

When we see the entire global nation moving forward with crypto adoption, India, on the other hand, looks to levy more than 30% crypto tax to discourage the industry.