Madeira announces creation of Bitcoin business hub for innovation

Bitcoin News

President of the Regional Government of Madeira, Miguel Albuquerque, has announced plans to create a Bitcoin (BTC) business hub to drive regional innovation. The statement was made during a fireside chat with Prince Filip Karađorđević of Serbia on the second day of Bitcoin Amsterdam 2023.

Karađorđević expressed interest in the new Bitcoin business hub, emphasizing its role in technology development and partnerships, with Albuquerque noting the hub’s origins in Madeira and its inclusive collaboration opportunities.

According to Albuquerque, the idea for the Bitcoin business hub started with a group of hard-working professionals and is open to everyone who wants to collaborate. Madeira is an autonomous region of Portugal that has embraced Bitcoin by implementing policies that exempt Bitcoin investors from paying personal income taxes in the region.

Albuquerque and Prince Filip at Bitcoin Amsterdam 2023  Source: Cointelegraph

Karađorđević commended Madeira’s Bitcoin embrace as a forward-looking technology and a secure, open protocol similar to the internet. A known Bitcoin advocate and the chief security officer of Jan3, the Serbian prince lobbies global lawmakers on the advantages of national Bitcoin adoption.

According to the Madeiran president, his government is shifting the region’s economic focus toward technology, high-tech industries, artificial intelligence and Bitcoin. 

Related: What happens if SEC doesn’t appeal Grayscale spot Bitcoin ETF ruling?

During the Bitcoin Miami conference in 2022, it was revealed that Madeira would adopt Bitcoin, with residents who invest in BTC being exempt from personal income taxes. Albuquerque stated: “I have faith in the future and in Bitcoin. People in Madeira who engage in buying and selling Bitcoin won’t have tax obligations related to personal income.“

Magazine: The Truth Behind Cuba’s Bitcoin Revolution: An on-the-ground report

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