Madeira and Prospera "adopting bitcoin"

[stompix]

I hope you didn't start packing your bags too in order to move to Madeira.

Move? No way!
I wouldn't move to any EU country just for bitcoin being legal tender, I have a family with a little kid, I have friends, trading an average EU capital for one of the poorest regions in the western part for that alone? I've been to Funchal (ok, for one day only ) but I wouldn't spend my life there, a small city, indeed clean and neat but still probably I would get bored in a month or so, not for me. Living on an island where you have to get used to what's available or fly to Lisbon every month does not match my plans for a comfortable easy lfie.

But the thing about it's legal tender no it's not still pisses me off even now, one week after.  

These regions are embracing bitcoin to stimulate their own economy, by offering a crypto friendly place to highly skilled crypto experts. This will lead to immigration of highly skilled and high earning techies to maderia, this will help to increase GDP, diversify work opportunities and developments in these regions  

Bruh, we're talking about an island of 250k population and a capital city of 100k, just because they have no tax on crypto do you see people flocking to that en masse so that a company would have a big enough highly qualified pool force to rely on?
There are countries who have tried this with no tax on income completely and no tax on the business itself and failed to attract anything, if it were[ that simple the world would look completely different now in terms of GDP distribution.

Of course this would be an extraordinary thing if the municipality really wanted to adopt bitcoin widely.even though Madeira is a small town in Portugal

Nice, I was getting bored with people calling Madeira a country, now it's a city, that's something else.

[AmoreJaz]

Maderia and prospera fall under outermost regions of European community.

Madeira is indeed part of the EU (Portugal), but Prospera is located in Central America on the island of Roatán off the coast of Honduras. The difference is not only in the geographical position, but also in the fact that Madeira is an island, and Prospera only one town on the island.

These regions are embracing bitcoin to stimulate their own economy, by offering a crypto friendly place to highly skilled crypto experts. This will lead to immigration of highly skilled and high earning techies to maderia, this will help to increase GDP, diversify work opportunities and developments in these regions.

Maybe that’s really their goal, but this isn’t the first time some islands or small countries have tried to create a crypto paradise, let’s just remember Malta or Gibraltar and their attempts. Their problem, as well as the problem of the island of Madeira, is that they are too small to make some major changes that would attract people to move in and start a business. In addition, the EU has a not very friendly attitude towards cryptocurrencies, as they have been showing lately.

once they implemented it, we will know in the next coming years or months if they are successful with this venture. a small state/county/region is easier to manage with the new financial protocol or at least addition of it. they will see the impact in shorter time as well. if they can improve the financial transactions, why not? even if we say, they can't attract new investors or new money.

[yhiaali3]

Although it is small areas, but it is very encouraging and promising news, acceptance of Bitcoin in small areas around the world will encourage other countries and provinces to take the same step, and this will lead to an increase in the spread of Bitcoin around the world and will be an advanced step towards global adoption of Bitcoin. I am sure that in the next period we will witness an increase in the number of countries that will join the Bitcoin club.

[uneng]

These are good steps to attract digital nomads to their territories. Portugal in special is a good destination for this kind of public, because life quality there is pretty decent and the living costs affordable when compared to neighboor european countries. The only cons is the low wages offered there, but since digital nomads have their income from the internet and deal with cryptocurrencies it's not an issue at all.

It's a win win situation for every parts: for the government it's good, because income from taxes is going to increase when the appeal for the region rises and for crypto enthusiasts it's great, because they will be able to use bitcoin for every products and services disponible around.