Jurisdictions in Honduras, Portugal unveil Bitcoin adoption plans

Jurisdictions in Honduras, Portugal unveil Bitcoin adoption plans

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Island of Roatán in Honduras

The island of Roatán in Honduras and Portugal’s Madeira region are the new jurisdictions to announce they will be adopting the leading cryptocurrency by market cap, Bitcoin.

The specific territory is the Prospera region on the Roatán island off the northern coast of Honduras. Madeira is an autonomous region in Portugal, which comprises a group of islands northwest of Africa.

Two Regions Announce Bitcoin Adoption on the Same Stage El Salvador Did

The announcement was made at Bitcoin 2022 stage when ex-Blockstream chief strategy officer Samson Mow brought forward three guests to update on Bitcoin adoption in various countries. Although the two regions have revealed plans for Bitcoin adoption, they will not be going full in to grant the leading coin legal tender the way El Salvador did last year. 

El Salvador’s President Nayib Bukele announced his country’s plans to make Bitcoin legal tender at the same stage last April. President Bukele was set to appear at this year’s conference but canceled last minute after declaring a state of emergency in El Salvador following a rise in gang-related killings.

The representative from Honduras stated that Bitcoin would operate as legal tender on the island of Roatán and have a tax-free status. Moreover, the Honduras Prospera Inc-managed economic free zone of the island will enable Bitcoin bonds. Honduras Prospera Inc.’s president Joel Bomgar revealed that Bitcoin bonds aim to attract direct foreign investments into the country.

Miguel Albuquerque, the President of Madeira, represented the region at the conference. President Albuquerque said he believed in the future and believed in Bitcoin. He continued that Madeira bitcoin purchases and sales are free from income taxes. It is worth noting that all crypto purchases in Portugal are free on income tax. 

Mexican Senator Announces proposal to Make Bitcoin Legal Tender

The third representative was Mexico’s Senator Indira Kempis. Kempis had revealed that she planned on proposing crypto legislation in Mexico. At this year’s conference, she maintained that she would focus on a plan to make Bitcoin legal tender. Kempis said she would follow legislation on money law and a bill guaranteeing financial inclusion and education.

Mexico’s adoption of Bitcoin may be a little trickier than El Salvador. Unlike El Salvador, which uses dollars, Mexico prints its national currency. Nonetheless, with the proof of the adoption of the leading cryptocurrency growing and spreading, there is hope that Senator Kempis may spearhead a friendly regulatory environment for Bitcoin adoption in Mexico.

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