Madeira to Establish Bitcoin Business Hub for Technological Advancement

The Regional Government of Madeira’s President, Miguel Albuquerque, has unveiled plans to set up a Bitcoin business hub aimed at fostering innovation in the region. This announcement was made during a conversation with Prince Filip Karađorđević of Serbia at the Bitcoin Amsterdam 2023 event.

Prince Filip, a known Bitcoin advocate and the Chief Security Officer of Jan3, expressed his enthusiasm for the new hub, emphasizing its potential to spur technological growth and foster global partnerships. Albuquerque highlighted the hub’s roots in Madeira and the myriad collaboration opportunities it offers.

The initiative for the Bitcoin business hub was conceived by a dedicated group of professionals and is open to all interested collaborators. Madeira, an autonomous region of Portugal, has shown a progressive stance towards Bitcoin. The region has implemented policies that exempt Bitcoin investors from personal income tax obligations.

Prince Filip lauded Madeira’s proactive approach to Bitcoin, drawing parallels between the cryptocurrency and the open protocols of the internet. As a staunch supporter of Bitcoin, the Serbian prince has been actively promoting the benefits of national Bitcoin adoption to global policymakers.

Albuquerque emphasized that Madeira’s economic strategy is pivoting towards technology, encompassing sectors like high-tech industries, artificial intelligence, and Bitcoin.

In a revelation at the Bitcoin Miami conference in 2022, Madeira’s intent to embrace Bitcoin was made public. The region’s residents investing in Bitcoin would be exempt from personal income taxes. Albuquerque expressed his confidence in the future and Bitcoin, stating, “People in Madeira engaging in Bitcoin transactions will not be burdened with personal income tax-related obligations.”

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