One of many exciting announcements emerging from the Bitcoin 2022 conference was one by former Blockstream chief strategy officer, Samson Mow, who brought three guests on stage to provide updates on bitcoin adoption in each of their respective countries.
Roatán, Honduras
Despite Honduras’ central bank rejecting recent rumours that bitcoin would be made legal tender, a special economic zone within Honduras known as Próspera, Roatán island, has announced that it recognises bitcoin and other cryptocurrencies as legal tender within its own borders. Honduras Prospera Inc, who promotes the jurisdiction, told the audience that:
Bitcoin within Próspera operates as legal tender. That means no capital gains tax on BTC, you can transact freely using BTC, and you can pay taxes and fees to the jurisdiction in BTC.
Joel Bomgar, president, Próspera Inc
In addition, starting later this week the Próspera jurisdiction will enable municipalities in Honduras and corporate entities outside of the US to float Bitcoin bonds within Próspera.
Madeira, Portugal
The next bitcoin announcement came from an autonomous region of Portugal known as Madeira, a group of islands northwest of Africa. While not specifically saying whether bitcoin would become legal tender, the region’s president, Miguel Albuquerque, did however stress that bitcoin purchases and sales would not be subject to taxes. Presently, Madeira has one of the more attractive corporate tax rates at 5 percent.
Either way, Albuquerque is bullish on Bitcoin as he told the crowd:
I believe in the future and I believe in bitcoin.
Miguel Albuquerque, president of Madeira, Portugal
Mexican Senator Throws Her Hat in the Ring
Finally, Mow invited Mexican Senator Indira Kempis on stage to give an update on efforts to propose bitcoin legislation in the country.
Kempis has previously outlined a desire to introduce laws modelled on those of El Salvador, and she told the conference that her focus would be to make bitcoin legal tender:
In two months we will propose legislation to modify regulations in fintech and in monetary law. And we have a message for our president. We are looking forward to sitting down and having coffee with you to talk about this plan – bitcoin as legal tender in Mexico.
Indira Kempis, Mexican senator
As part of her efforts, Kempis would also be submitting a bill that would make financial inclusion and education a constitutional right.
At this stage, it remains unclear whether she will succeed in her endeavours, particularly in light of the Mexican central bank’s recently announced plans to launch its own digital currency.
Yet one thing is becoming clear – jurisdictions are increasingly embracing bitcoin to attract global capital and talent. Bitcoiners often refer to the “Sovereign Individual” thesis, whereby nation states are forced to begin treating citizens as paying customers, rather than cattle (who in the information age, have wings and can fly to friendlier jurisdictions). Arguably, we’re seeing that play out in real-time.
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