The autonomous area of Madeira in Portugal and Prospera, a jurisdiction on the Honduran island of Roatán, are allegedly planning to make bitcoin the official payment option on their territory. When residents of both regions buy or sell the original cryptocurrency, they will not have to pay capital gains tax.
Bitcoin’s global popularity increased last year. All of this is due to El Salvador, the first government to recognize this currency as legal tender. While some have condemned the venture, many other countries consider following this Latin American state’s lead.
According to a Forbes study, the most recent regions of this type include Madeira, Portugal’s western island, and Prospera, Honduras’ jurisdiction (located on the Caribbean Sea island of Roatán). Prospera’s president, Joel Bomgar, stated that citizens who trade BTC would not be subject to income tax. He also stated the following:
Within Prospera’s jurisdiction, other municipalities in Honduras and other enterprises and political bodies from outside the United States will be able to sell bitcoin bonds.
Bomgar believes that encouraging foreign direct investment will help the local economy.
According to Miguel Albuquerque, head of the Regional Government of Madeira, residents would not have to pay capital gains on bitcoin trading.
I have faith in the future and bitcoin. Our government will continue to endeavor to make Madeira a terrific place for bitcoin.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.