President of Madeira, Miguel Albuquerqueannounced clear support for Bitcoin in May, stating that BTC and Bitcoin enthusiasts are welcome.
The president also added that plans are in place for infrastructure startups January 3rd Increase integration with the local economy.
“Me and Samson [Mow]and Jan3, [are] We continue to work towards the future and aim to create a great environment for Bitcoin on the island of Madeira. ”
Close to six months after the announcement, a committee of the board of directors advising the Madeira project discussed the issue. Bitcoin Amsterdam.
Bitcoin inflection point
The panel consisted of host Daniel Prince (podcaster), Troy Cross (Bitcoin Policy Institute), Jeff Booth (entrepreneur), Knut Svanholm (author) and Andre Roja (Madeira resident). I was.
Speaking about the project, Booth was initially invited to explore the situation as to whether the president is serious about Bitcoin adoption, especially in terms of long-term considerations that include possible resistance from the EU. He said he was interested.
Expanding on the last point, Booth has opened up a scenario in which a financial collapse could end the fiat currency system and lead to a future inflection point for world government.
“As the system collapses, governments will be faced with a choice, to ride the fiat horse or the bitcoin horse, have to ride two horses for a while, then choose. There must be.”
Based on his meeting with the president, Booth said he understands that the Madeira government is serious about developing Bitcoin infrastructure.
Booth said Madeira could be considered a European version, with similarities to Bitcoin Beach, a dedicated tourist ecosystem in El Zonte, El Salvador.
How is your progress?
Bringing to the fore questions from the audience about autonomy from Portuguese rule and the adoption of merchant adoptions, Roja said that although Madeira has its own parliament, it is still restricted in that it overrules certain areas such as tax law. I explained that it is.
“If the mainland government of Portugal decides to tax cryptocurrencies, there is already a proposal and we cannot decide not to do it. But the difference can be applied.”
Booth added that Madeira’s reliance on EU subsidies makes it difficult to openly oppose EU obligations. However, these issues are being debated, and he said the right strategy to overcome resistance to Bitcoin adoption is to insist on jobs and economic growth.
“You don’t make your case by ranting at the existing system. You make your case stronger.” [by saying] There is a great need for the work and talent that are building on top of the basic layers and shaping the new Internet. ”
Regarding merchant recruitment, Prince acknowledged its low adoption rate. Svanholm commented that Bitcoiners could play a role in accelerating the problem by visiting the island, consuming the SAT and spreading the word.
“We are a group of people who will help the Government of Madeira make a smooth transition to the new paradigm. Bitcoin companies will also increase.”
What has been accomplished in Madeira?
Svanholm said hyperbitcoinization is happening no matter what else is happening in the world, including the Madeira project itself.
So you have the option of ‘smooth transition or rough transition’ and the purpose of the Advisory Board is to smooth the island transition.
It is well documented that El Salvador experienced GDP growth and a tourism boom as a result of making BTC legal tender. Madeira has yet to reach that status, but Booth is confident that history will repeat itself and, in his view, there will be less opposition from locals.
Madeira is a semi-autonomous region of Portugal, located off the northwest coast of Africa about 1,000 kilometers from Lisbon and surrounded by the Atlantic Ocean.
The archipelago consists of the islands of Madeira, Porto Santo and Desertas. The region is known for its mild subtropical climate and incredible natural beauty.
