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Manisha Ailneni
Apr 7, 2022
by Manisha Ailneni

Próspera and Madeira Are The Latest to Adopt BTC

Próspera and Madeira BTC

Table of contents

  1. Morning's Round-Up of Bitcoin 2022 Conference
  2. No Capital Gains Tax On Bitcoin
Two new territories - Próspera (a jurisdiction in Honduras) and Madeira (an autonomous region in Portugal) are adopting BTC as de facto legal tender. The announcement was made on the same stage, where El Salvador president Nayib Bukele made history by announcing his plans to accept Bitcoin as a legal tender in April 2021.

Morning's Round-Up of Bitcoin 2022 Conference

The second day of the Bitcoin 2022 Conference doubled in size with around 25,000 attendees. Jessica Vaugn, a Bitcoin advocate posted a short summary about the morning's round-up of the conference and called Aaron Rodgers (American football quarterback), a true Bitcoiner at heart.

No Capital Gains Tax On Bitcoin

Próspera's president, Joel Bomgar, and former Chief Strategy Officer of Blockstream, Samson Mow said that the residents of Próspera do not need to pay capital gains tax on Bitcoin. However, they can use cryptocurrency to pay taxes and fees to the jurisdiction.

As per the president's statements, Próspera will reportedly enable other municipalities in Honduras, other companies, and political subdivisions outside of the US to float Bitcoin bonds from within the Próspera jurisdiction. Joel Bomgar added,

"This is an incredible way to bring foreign direct investments to the part of the world that needs it most".

President of Madeira, Miguel Albuquerque, joined Bomgar and Mow and announced that the residents of Madeira do not need to pay personal income taxes when buying or selling Bitcoin.

Prospera and Madeira are the new regions that are accepting Bitcoin as a legal tender following El Salvador and the City of Lugano, Switzerland.

 

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Próspera and Madeira Are The Latest to Adopt BTC
Manisha Ailneni
Manisha is a content writer specializing in the crypto and blockchain space. Having around 1 year of experience in the crypto industry, she covers different types of content - articles, educative blog posts, and newsletters. The global-scale adoption of cryptocurrencies and the evolution of blockchain space fascinate her.

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