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.
Topic: Madeira and Prospera "adopting bitcoin" (Read 429 times)
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.
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.
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.
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.
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.
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.
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.
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
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
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.
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) 
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) 
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. 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'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.
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.
One step at a time, the president looks very happy about btc so I think in the near future there will be more achievement.
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.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. 
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.
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.
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.
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? But cryptos were not taxed in Portugal to begin with, damn!
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.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
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!
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. No one there is making Bitcoin legal tender. That's not what the president said!
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.
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