Last May, Madeira Island President Miguel Albuquerque announced his support for Bitcoin and Bitcoiners: “I believe in the future and I believe in Bitcoin”. He wants Madeira Island to become a perfect environment for Bitcoin (BTC) and other cryptocurrencies.
During the conference at Bitcoin Amsterdam, questions around this project were asked and highlighted by members of the board of directors in charge of the Bitcoin Madeira project. Daniel Prince (Podcaster) moderator, Troy Cross (Bitcoin Policy Institute,) Jeff Booth (Entrepreneur,) Knut Svanholm (Author,) and André Loja (Resident of Madeira) spoke about it.
Jeff Booth first said he was interested to know if the President of Madeira was serious about Bitcoin adoption on the island. Particularly in relation to what it would generate vis-à-vis the European Union. The island of Madeira being part of Portugal, it is currently not legally possible for it to adopt Bitcoin as legal tender. If Madeira wishes to take this step towards Bitcoin, it could lead to a potential conflict with the EU.
The entrepreneur also highlighted the interest of this adoption of Bitcoin for the island in the event of a financial collapse which could put an end to the fiat currency.
“As the system breaks down, governments are going to be faced with choices, and they’re going to ride the fiat horse or the Bitcoin horse, and for a while they’re going to have to ride two horses, and then they’re going to have to choose.”Jeff Booth, entrepreneur
Booth also drew the parallel with Bitcoin Beach located in El Zonte in Salvadore, he thinks Madeira could be considered the European version of this beach in Salvadore.
What future for Bitcoin in Madeira?
Board members of the Bitcoin Project in Madeira see a possible future for BTC adoption on the island. The question comes down to adopting Bitcoin without cutting the Portuguese island’s ties with the EU, being highly dependent on the European Union. We will also have to talk about regulations, Portugal announced a cryptocurrency tax of 28% on annual profits from crypto trading next year. Loja explained that Madeira has its own parliament but is still limited in terms of overriding certain areas, such as tax legislation.
“If the government of mainland Portugal decides to tax crypto, because there is already a proposal, we cannot decide not to do it. But we can apply a difference.”André Loja (Resident of Madeira and Member of the Madeira Bitcoin Council)
Madeira aspires to become a cryptocurrency and Web3 platform, the Portuguese island is already focused on entrepreneurship and continues to invest in all kinds of new technologies not just Bitcoin. Nico Laamanen, co-founder of the Konsensus network, visited the island in particular with the aim of “making Bitcoin knowledge accessible to everyone, in all languages”.
“I think Madeira will become a hotspot for entrepreneurs and bitcoin users in Europe and I want to be part of it.”