Bitcoin Amsterdam 2023 became the backdrop for a landmark announcement as President Miguel Albuquerque of Madeira, in conversation with Prince Filip of Serbia, unveiled plans for an avant-garde BTC business hub today.

This initiative is part of the Madeira BTC adoption experiment, which has been gaining momentum in the Portuguese archipelago of Madeira. It is intended to foster innovation, aiming to harness the potential of BTC to enhance the quality of life, health tech, education, and more for Madeira’s roughly 250,000 residents.

Madeira Reinforces Its Position As Bitcoin Island

In his fervent commitment to the cryptocurrency, Albuquerque unequivocally stated, “Everything that is connected with Bitcoin is welcome in Madeira.” As he navigated the conversation with Prince Filip, the momentum of the announcement became evident. The Prince remarked, “Last night you showed me the picture of what will be the new Bitcoin business hub,” emphasizing the tangible steps already in motion.

Responding to this, President Albuquerque delved deeper into the formation and mission of the new establishment, noting, “The association has been created to develop the development of technology and Bitcoin, and all the connections and partnerships you can have.” He went on to laud the local pioneers behind this venture, adding, “It started with some guys in Madeira who work really hard, and it’s open to everyone who wants to collaborate.”

Highlighting the broader vision for Madeira, Albuquerque expressed, “We’re changing our economic [base] for technological companies, high tech, artificial intelligence, and Bitcoin of course.” His words cemented Madeira’s intent to pivot towards a more technologically driven economy.

Prince Filip, a prominent BTC advocate and the CSO at Jan3, championed Madeira’s initiative, likening Bitcoin to “an open, secure protocol akin to the internet.” He furthered this comparison, asserting that BTC is indisputably a “technology for the future.”

Madeira’s proactive approach toward BTC isn’t recent. At the Bitcoin 2022 conference in Miami, former Blockstream CSO Samson Mow listed Madeira among regions open to BTC. Furthermore, Mow disclosed enticing tax incentives, with BTC investors in Madeira being exempt from personal income taxes — a sentiment previously echoed by Albuquerque: “Individuals in Madeira that buy and sell Bitcoin … don’t pay taxes. They’re not subject to personal income taxes.”

Despite the encouraging developments, it’s pivotal to recognize the differing sentiments within Madeira. The PTP (Partido Trabalhista Português), for instance, has aired reservations about this rapid pivot toward digital investments.

Madeira’s trailblazing move signals a paradigm shift in the regional adoption of BTC and related technologies. As the world observes with anticipation, Madeira’s initiative might very well serve as a blueprint for other regions contemplating a similar digital trajectory.

At press time, BTC traded at $26,849.