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Honduras’ Roatán Island, Portugal’s Madeira To ‘Adopt Bitcoin’
Prospera, jurisdiction on the Roatán island off of the northern coast of Honduras, and Madeira, an autonomous region in Portugal, are adopting bitcoin as de facto legal tender
Ankita K.
7:30 7th Apr, 2022
Adoption

The island of Roatán in Honduras and Portugal’s Madeira region are both set to “adopt bitcoin,” while a Mexican senator hinted that new talks about making bitcoin legal tender in this country about to begin.

The announcements were made by representatives from the three countries, who were brought to the stage of the Bitcoin 2022 conference in Miami today by Samson Mow, a former chief strategy officer at bitcoin development firm Blockstream who currently works on bitcoin nation-state adoption.

According to the announcements:

  • The island of Roatán in Honduras will have bitcoin “operate as legal tender,” including giving bitcoin tax-free status. In addition, the island’s economic free zone, managed by Honduras Prospera Inc., will enable bitcoin bonds as a way to bring foreign direct investments into the country, Joel Bomgar, President of Honduras Prospera, and Samson Mow, former Chief Strategy Officer of bitcoin infrastructure company Blockstream.

In Prospera, residents won’t have to pay capital gains tax on bitcoin and will be able to pay taxes and fees to the jurisdiction using the cryptocurrency, said Joel Bomgar, Prospera’s president, and Samson Mow.

Starting today, Prospera will also enable ‘enable other municipalities in Honduras or other companies or political subdivisions outside of the United States to float bitcoin bonds from within the Prospera jurisdiction,” said Bomgar. This is “an incredible way to bring foreign direct investments to the part of the world that needs it most,” he added. The launch of the first bitcoin bond, designed by Mow for El Salvador, has recently been postponed due to ‘unfavorable market conditions.’

  • Madeira, an autonomous region of Portugal, will “adopt bitcoin” in this archipelago, according to the President of the Government of Madeira, Miguel Albuquerque. “I believe in the future and I believe in bitcoin,” Albuquerque said on stage at the conference. He added that his government will “continue to work to create a fantastic environment for bitcoin in Madeira.”
  • New legislation focused on bitcoin and fintech more broadly will be proposed in the Mexican senate, Senator Indira Kempis from Mexico said. “We want to sit down with the president to talk about making bitcoin legal tender in Mexico,” she added.

Meanwhile, Mow also revealed his new company, JAN3, saying that it raised USD 21m at a USD 100m valuation. The company aims to build BTC infrastructure for El Salvador and Bitcoin city.

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