President Miguel Albuquerque of Madeira has announced plans for the creation of a Bitcoin business hub, aiming to drive innovation in the region. The statement was made during a fireside chat with Prince Filip of Serbia on the second day of Bitcoin Amsterdam 2023.
Prince Filip expressed interest in the new Bitcoin business hub, emphasizing its role in technology development and partnerships. President Albuquerque noted the hub’s origins in Madeira and its inclusive collaboration opportunities.
According to President 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.
Prince Filip commended Madeira’s Bitcoin embrace as a forward-looking technology and a secure, open protocol similar to the Internet. A known Bitcoin advocate and Chief Security Officer (CSO) of Jan31, the Serbian prince lobbies global lawmakers on the advantages of national Bitcoin adoption.
According to the President of Madeira, his government is shifting the region’s economic focus toward technology, high-tech industries, artificial intelligence and Bitcoin.
During the Bitcoin 2022 conference in Miami, it was revealed that Madeira is adopting Bitcoin, and residents who invest in BTC will be exempt from personal income taxes. President 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.”