Madeira, an autonomous region of Portugal, has no plans to recognize Bitcoin as a legal currency.
An announcement made by Madeira at Bitcoin 2022 in Miami last week was misunderstood by many participants, and in many channels such as social media, traditional media, the region’s Bitcoin is a legal currency (just like El Salvador). It was said that it would accept it as a legal tender.
The head of the Madeira government, Miguel Albuquerque, said in his announcement that he would adopt Bitcoin. In other words, the government has announced that it wants to legalize Bitcoin. However, he did not say that he would adopt it as a form of payment in the sense of accepting debts and taxes. Regarding the issue, The Block contacted a representative from the region’s presidential office, and the representative replied that “it was never said that the region would accept Bitcoin as a currency.”
As part of its step to adopt Bitcoin, the region said that companies coming to Madeira can pay low taxes of up to 5%. He also added that they will not charge income tax on Bitcoin investments.
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