Miguel Albuquerque, the President of Madeira, an autonomous region of Portugal located in the Atlantic Ocean, has made statements about Bitcoin. According to President Albuquerque, who announced his plans to establish a Bitcoin innovation center aimed at promoting innovation in the region, he revealed this plan during a conversation with Prince Filip of Serbia on the second day of the Bitcoin Amsterdam 2023 event.
Bitcoin Breakthrough in Madeira
Prince Filip of Serbia expressed his interest in the new Bitcoin business center to be established in Madeira and highlighted his role in technology development and partnerships. President Albuquerque drew attention to their roots in Madeira and the opportunities for inclusive collaboration.
President Albuquerque stated during the ongoing conversation that the idea of the Bitcoin business center started with a group of hardworking and visionary professionals, and he conveyed that they are open to collaboration with anyone who wants to participate in this project. Madeira continues to attract the interest of Bitcoin investors with its policies exempting them from paying personal income tax in the region.
National Structures Should Embrace Bitcoin
Prince Filip of Serbia also made statements about Madeira’s Bitcoin adoption policy. He praised the open protocol policy, stating that the autonomous region’s step resembles a technological advancement and the early days of the internet.
Prince Filip is a well-known figure in the Bitcoin community. As a Bitcoin advocate and Chief Security Officer (CSO) of Jan31, he is lobbying global lawmakers about the advantages of adopting Bitcoin in a national framework.
According to President Albuquerque, the government’s economic focus is shifting towards technology, high-tech industries, artificial intelligence, and Bitcoin. President Albuquerque first mentioned that the region has embraced Bitcoin during the Bitcoin 2022 conference in Miami. It was also announced during this event that residents of the island who invest in Bitcoin will be exempt from personal income taxes. President Albuquerque stated the following regarding the matter:
“I have faith in the future and in Bitcoin. Individuals involved in Bitcoin trading in Madeira will not have any tax obligations related to personal income.”
