At the Bitcoin Miami 2022 conference, the President of Madeira, Portugal, stated his support for Bitcoin and a possible objective of adopting it following in the footsteps of El Salvador.
On April 5th, Samson Mow, CEO of Jan3 his new firm, which he introduced during the conference announced he wants to “create a fantastic environment for Bitcoin in Madeira’”
The announcement in front of 30.000 Bitcoin enthusiasts in Miami was backed backed by Madeira’s president Miguel Albuquerque
Albuquerque recently got ‘’oranged pilled’’ by fellow Madeiran André Loja as well as by having an insightful conversation with the Bitcoin ‘gigachad’ and CEO of MicroStrategy Michael Saylor where he told him “Focus on Bitcoin. Everything else is garbage.”
This is a tremendous potential for the autonomous region, which relies largely on tourism for revenue. As it slowly moves away from the fiat system and decentralizes its economy, it will provide new opportunities for its citizens as well as more financial stability in the future.
Will Madeira have Bitcoin Tax
So far it has not been announced whether special tax exempts would be considered for holders of bitcoin. In countries such as Malta or Germany, sale of Bitcoin after a minimum of a 12 month period is exempt from capital gain tax. Therefore no tax is charged on bitcoin in these countries.
Madeira will likely default on the tax framework put in place by Portugal which comes with a hefty 28% tax rate on capital gains. Portugal’s finance minister has announced that bitcoin cryptocurrency enthusiasts must take into account a 28 percent capital gains tax soon. However, a date for this new tax to come into effect has not yet been declared.