Madeira and Prospera "adopting bitcoin"

[darkv0rt3x]

The president of Madeira (an autonomous region in Portugal) just announced adopting bitcoin as a legal tender. Some stats about the country:

Area: 801 km²
Elevation: 1,862 m
Population: 253,945 (2019)
GDP: ~4.5$ billion

Prospera (An island in Honduras) has also announced the same thing.

Obviously, these two are not as big as El Salvador, but it's still a big step forward. Your thoughts?

The announcements were made at the Bitcoin conference a few minutes ago.

Wait, that's not true.
No one there is making Bitcoin legal tender. That's not what the president said! What he said is that he will work towards making the financial and economic ecosystem Bitcoin friendly by making sure, among other things, not taxing profits from Bitcoin and also keeping the corporate taxes one of the smallest in Europe! The host was who said something like "adopting Bitcoin", but this expression is vague and doesn't mean specifically making Bitcoin a legal tender!

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[Rikafip]

Wait, that's not true.
No one there is making Bitcoin legal tender. That's not what the president said!

If this is the video of the speech from Bitcoin conference that started this news and that you are referring to, I must say that I agree with you. Madeira president didn't say anything about bitcoin becoming legal tender so I have no clue how could someone get that impression. Unless he said more things that are not in that YouTube video.

[darkv0rt3x]

Wait, that's not true.
No one there is making Bitcoin legal tender. That's not what the president said!

If this is the video of the speech from Bitcoin conference that started this news and that you are referring to, I must say that I agree with you. Madeira president didn't say anything about bitcoin becoming legal tender so I have no clue how could someone get that impression. Unless he said more things that are not in that YouTube video.

Samson said "Madeira will accept Bitcoin"... This is very vague expression and many understands it as "making Bitcoin as legal tender somewhere". But it is not the case here. However, I am happy that more people from the politics environment are boarding up, embracing the tech and keeping their minds open to the potential change!

[ivankoh]

The announcements were made at the Bitcoin conference a few minutes ago.
Edit: You can read more about this here: https://www.forbes.com/sites/ninabambysheva/2022/04/07/two-new-territories-are-adopting-bitcoin/?sh=7fe4c5e2499a

No, I think they are looking at it cautiously but not a final statement, exactly I think they have a potential share in accepting bitcoin legal tender. We'll need to wait for more information, that's for sure a big reason that could represent the next trend after El Salvador.

Unless he said more things that are not in that YouTube video.

yes, Maybe it's an important sideline, I don't think there can be any relevant statement on this inside the Miami bitcoin conference.

[stompix]

Wait, that's not true.
No one there is making Bitcoin legal tender. That's not what the president said!

If this is the video of the speech from Bitcoin conference that started this news and that you are referring to, I must say that I agree with you. Madeira president didn't say anything about bitcoin becoming legal tender so I have no clue how could someone get that impression. Unless he said more things that are not in that YouTube video.

Oh shit! Again!
Right now I'm furious, and 99% of that anger goes towards myself for spending hours looking at the politics of Maderia and the constitution of Portugal and their rights and I've not spent minutes listening to the declaration itself again, indeed there is no mention of anything other than no taxes.
But cryptos were not taxed in Portugal to begin with, damn!

Finally, we in the EU will have the opportunity to go on holiday and pay for everything with Bitcoin, and not only is it relatively close to us, but it is (hopefully) much better in terms of lower crime rates and security in general. I can already see some BTT members gathering on the island, and some may move permanently if conditions are favorable

Oh, reading the above and listening to the news I'm not sure about the everything part anymore, if bitcoin is not legal tender de jure and only more like de facto you can't force anyone to accept it, not under EU laws.
Luckily it's still April, let's wait to see till June-August when the tourist season begins, things can change for the better, after three fucking years of only stupid things happening it's time for something actually good.

[darkv0rt3x]

The announcements were made at the Bitcoin conference a few minutes ago.
Edit: You can read more about this here: https://www.forbes.com/sites/ninabambysheva/2022/04/07/two-new-territories-are-adopting-bitcoin/?sh=7fe4c5e2499a

No, I think they are looking at it cautiously but not a final statement, exactly I think they have a potential share in accepting bitcoin legal tender. We'll need to wait for more information, that's for sure a big reason that could represent the next trend after El Salvador.

Unless he said more things that are not in that YouTube video.

yes, Maybe it's an important sideline, I don't think there can be any relevant statement on this inside the Miami bitcoin conference.

Again, if the words the president of Madeira said are the ones he really meant to say, no one said anything about legal tender, no matter what Forbes is saying! Forbes says de facto legal tender, whatever that means. I think this is like binary. It is either legal tender or it is not. I'm not sure there can be an in-between state. And to do what it looks like to me (almost forcing it to be a legal tender) is just not good. Because if people start believing that, then they may get surprised when they want to do something as that said "legal tender" and their are not allowed. Then the fault is that "ahh, Forbes said...".

I think we need to be careful here and be cautious with what we read and how we interpret it! I think if it was for Madeira to make it legal tender, president wording would be clear in that direction. No need to be ambiguous or hiding true meaning in obfuscated wording choice.

Edit, after reading Forbes article, they then say what in fact president of Madeira said. If that's what is considered de facto legal tender, then ok... So be it. I just don't get along very well with this in between expressions of de facto legal tender and legal tender alone!

[Ale88]

Right now I'm furious, and 99% of that anger goes towards myself for spending hours looking at the politics of Maderia and the constitution of Portugal and their rights and I've not spent minutes listening to the declaration itself again, indeed there is no mention of anything other than no taxes.
But cryptos were not taxed in Portugal to begin with, damn!

I'm a little confused at this point, so what are exactly the big news regarding Madeira if bitcoin is not (yet) accepted as legal tender? Because as you pointed out cryptos (for the moment) are not taxed in Portugal unless you're a professional trader, so what are we talking about?

[Rigon]

Congratulations to the government and people of this country. Even though it is a small country, it has taken a big step.Such a move plays a very important role for cryptocurrency. If every country makes such a decision, then cryptocurrency will be on everyone's doorstep.But we must believe that one day this cryptocurrency will become very popular with everyone and bitcoin will be legalized in every country.

[AakZaki]

El Salvador is an example or a trigger for the continued adoption of bitcoin.
Even though Madeira and Prospera are only small countries, they are able to take big steps to start using bitcoin or start implementing bitcoin in their economic sector.

This adoption by several small countries is good news for bitcoin. this being a real example of using bitcoin in real life, El Salvador seems to be successful in their bitcoin adoption so many are interested in starting it.

But Adoption will not be done that easily, there will be many pros and cons as well as some problems that will occur. So it all depends on how the country manages bitcoin and innovates with bitcoin.

[Ale88]

Even though Madeira and Prospera are only small countries

Actually they are not countries: Madeira is an autonomous region in Portugal while Prospera is a jurisdiction in Honduras. They are more independent but they're still part of the mainland countries since both of them, if I'm not wrong, are islands. At least it's a first step but for the moment El Salvador is still the only country using bitcoin as legal tender.

[NicNacCoin]

Even though Madeira and Prospera are only small countries

Actually they are not countries: Madeira is an autonomous region in Portugal while Prospera is a jurisdiction in Honduras. They are more independent but they're still part of the mainland countries since both of them, if I'm not wrong, are islands. At least it's a first step but for the moment El Salvador is still the only country using bitcoin as legal tender.

Thanks a lot to them though. They have taken a much better step. There are many big countries but they have not yet been able to legalize bitcoin.We want bitcoin to be legalized in every country. No country like Salvador has ever legalized bitcoin in this way. But Salvador has shown the world with legal legitimacy.In any case, such a step should be taken by every country.

[Anonylz]

From the video you can clearly hear the presenter saying Madeira will be adopting btc before welcoming the president to the stage to make a statement base on that and the president acknowledge it and said no income tax. They will adopt btc for now perhaps legalize it as legal tender later.
One step at a time, the president looks very happy about btc so I think in the near future there will be more achievement.

[Rikafip]

Oh shit! Again!
Right now I'm furious, and 99% of that anger goes towards myself for spending hours looking at the politics of Maderia and the constitution of Portugal and their rights and I've not spent minutes listening to the declaration itself again, indeed there is no mention of anything other than no taxes.

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

I'm a little confused at this point, so what are exactly the big news regarding Madeira if bitcoin is not (yet) accepted as legal tender? Because as you pointed out cryptos (for the moment) are not taxed in Portugal unless you're a professional trader, so what are we talking about?

Yep, that's the thing; what Madeira president announced doesn't differ much (if any) from the rest of Portugal when it comes to pro-crypto laws so and his speech would go completely unnoticed if media didn't misinterpret what that host said. On top of that, I seriously doubt that Madeira president has authority to declare bitcoin being legal tender before Portugal does the same (or unless they allow them) as from what I read, they don't even have autonomy on their own budget.

[Kakmakr]

Well, this opens up more Bitcoin tourism destinations for people where Bitcoin is banned or restricted in their countries. Why should you pay taxes in your own country on Bitcoin, if it is restricted or even banned. Just take a Bitcoin holiday in one of these countries where Bitcoin is accepted as legal tender and spend to your hearts content.  

Just another way to give the finger to the countries that are protecting their own Fiat currencies and a thumbs up to the countries that embrace and support it.     (My next holiday will be booked in Madeira now)  

[Ale88]

I seriously doubt that Madeira president has authority to declare bitcoin being legal tender before Portugal does the same (or unless they allow them)

I don't think either, even if they're autonomous they are still part of Portugal, and something important like the national currency is something above them. The only direct way would be to become totally independent, but it wouldn't make sense. Let's see if in the next days there will be more declarations from Madeira's president.

[amishmanish]

Maderia and prospera fall under outermost regions of European community. Beautiful places, but they had their unique issues of development due to topographic limitations. They have higher school drop rates, emigration of skilled population and  to seek better work opportunities in mainland Europe, leaving only lesser skilled  natives in the region. 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 

[suryana]

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 but the city has a very good impact and is known by the public.of course this will be a distinct advantage for bitcoin. if the city is really serious in the process of adopting bitcoin, we also really hope that this is not just a mere discourse that the city of Madeira wants to adopt bitcoin in the city

[Vaskiy]

Making it crypto friendly will attract more investors, but how far the framework is being developed. If it consists of a large number of restrictions, then this won't be more attractive. Companies always wants the easiest access as well as the support from the government. Every form of investment/business is risk involved. Every business investor will look for the settlement of recovery funds. If someone have invested and hasn't made the expected profit, the business will leave the country. By the time the investor should be settled within few months. Policies need to be made in such a way.

[jossiel]

As long as there's a community or a country that adopts bitcoin.

It will always turn into good news. That's what we all like, to see those cities, places, and everywhere start to adopt bitcoin. Although for the others, the size does matters for the adoption but every big adoption is coming from small ones.

[Lucius]

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.