Sunday September 24, 2023 marks a historic event for Portugal (especially for the Bitcoin community). Reference is made to the election of Miguel Albuquerque, a pro-BTC candidate, as governor of the autonomous region of Madeira. What are the implications of this victory for Bitcoin and Portugal? Decryption.
Miguel Albuquerque, a supporter of Bitcoin
Miguel Albuquerque is the leader of the Social Democratic Party (PSD). In power since 2015, he once again wins the regional elections with 43.13% of the votes. For the Bitcoin community, this is a big victory.
Indeed, Miguel Albuquerque is also a fervent defender of Bitcoin. During his campaign, he even declared that he wanted to make Madeira a “Bitcoin Island”, where the cryptocurrency would be:
- accepted as a means of payment,
- encouraged as a source of investment.
Bitcoin, an asset for Portugal
The election of Miguel Albuquerque could strengthen Portugal’s position as a Bitcoin-friendly country. The new governor has in fact announced that he will put in place measures to promote the adoption of this cryptocurrency in his region. This includes :
- the creation of suitable infrastructure,
- training of citizens and businesses
Bitcoin could thus contribute to the economic and social development of Portugal, providing opportunities for growth, innovation and inclusion. Crypto could even help Portugal face current challenges. By this we mean the health crisis, public debt or energy dependence.
Portugal, an example for the world
Miguel Albuquerque’s victory at the Madeira regional elections 2023 is good news for Bitcoin, which gains legitimacy and visibility. Upstream, Portugal could become an example for other countries wishing to adopt cryptocurrency and benefit from its advantages. Portugal could also play a key role in promoting BTC at European and international level, highlighting its benefits for society and the environment.
Miguel Albuquerque is not the only one to support Bitcoin in Portugal. The country is in fact one of the most favorable to cryptocurrency in Europe, thanks to flexible regulation and advantageous taxation. Portugal does not tax gains made with Bitcoin, nor transactions made with cryptocurrency. BTC is also recognized there as a legal means of payment.
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