Two territories in Portugal and Honduras talk about adopting Bitcoin (BTC) as legal tender

Honduran Territory Announces Bitcoin Adoption

The president of Honduras Próspera Inc, as well as the president of the Madeira region both spoke at the Bitcoin 2022 conference. Regarding Prospera, it is indeed an adoption of Bitcoin as a legal tender currency which was announced. As a reminder, this is a special economic zone on the island of Roatan, which aims to promote the development of startups.

The president of the body that manages the development zone, Joel Bomgar, confirmed yesterday:

Bitcoin within Prospera acts as legal tender. This means no capital gains taxes incurred with Bitcoin, you can transact freely using Bitcoin, and you can also pay taxes and fees to the jurisdiction in BTC.»

The economic zone also promotes the creation of businesses on its territory:

You can also start a Bitcoin business in the jurisdiction using the regulatory framework of your choice, all in compliance with anti-money laundering requirements and KYC measures.»

In other important news, investors who wish to support Prospera projects will be able to invest directly with a security token.

👉 Find our guide – How to buy Bitcoin (BTC)?

A more measured announcement from Madeira

Contrary to what one can read here and there, Madeira did not announce the adoption of Bitcoin. But the president of the autonomous region showed support for cryptocurrency, and he was speaking at a conference specifically targeting the topic of adoption around the world. He stated thus:

I believe in the future, and i believe in bitcoin.»

He recalled that the region does not tax Bitcoin purchases and sales. In addition, companies benefit from a 5% tax rate in Madeira. As a reminder, Portugal as a whole already benefits from an absence of taxation for purchases and sales of BTC.

Although no concrete announcement has been made, it is nevertheless emphasized that the intervention of President Miguel Albuquerque is not insignificant. Last year at the Bitcoin 2021 conference, it was indeed in this way that the President of El Salvador Nayib Bukele announced the adoption of cryptocurrency. There is therefore a certain symbolism in expressing oneself on the same stage.

👉 Related – El Salvador seeks Binance’s help to accelerate adoption of Bitcoin (BTC)

Countries that increasingly flirt with Bitcoin

Note also the intervention of Indira Kempis, a senator from the state of Nuevo León, Mexico. He called the president of his country to adopt Bitcoin as legal tender. As a reminder, rumors circulated about a possible adoption during the last year, but President Andres Manuel Lopez Obrador had confirmed in October that he did not wish to go in this direction.

However, these three interventions show that a fundamental dynamic has now been created. El Salvador is an exception so far, but there is growing interest from government figures, indicating that BTC adoption could spread more widely.

👉 Going Further – Pierre Poilievre, a Political Opponent of Justin Trudeau, Wants Canada to Adopt Bitcoin (BTC)

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About the Author : Marine Debelloir


Deputy editor on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
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