Although there are intentions to encourage the use of digital assets and adopt it as a payment procedure for taxes and other goods, the Madeira government assured that it is not among its plans to make Bitcoin official as legal tender, at least for now.
The Bitcoin 2022 conference brought some very crucial revelations for the digital currency environment, with one of the most important highlights happening during the Samson Mow conference, where officials from various regions revealed their efforts to encourage crypto adoption.
However, there may have been a major misunderstanding with the Madeiran administration, which assured that its intentions don’t gear towards making digital currencies legal tender, at least in the short term.
Madeira has Zero Intentions to Adopt Bitcoin as Legal Tender
This information got clarified by a representative of the presidency of Madeira, who assured that the role of President Miguel Albuquerque did not express that Bitcoin would become legal tender for the autonomous country, since he did not reveal anything about alleged intentions to apply such intentions, contradicting the information revealed by various specialized media outlets.
The representative assured that the main goal that would get achieved is that Bitcoin would become a valid method of payment for various products and goods, in the same way, that digital currency can help to pay taxes. However, it is not in the discussion to grant status to BTC as the currency officially embraced by the country.
The idea is to promote Madeira as a center for innovation
The opinion of the representative of the presidency of Madeira goes in parallel with what President Albuquerque highlighted in an interview given to a local media. There, he clarified that his role in Bitcoin 2022 happened with the sole intention of encouraging the independent nation as a technological region that guarantees technological improvements.
Only in El Salvador
The confusion created a lot of interest among the users since the alleged plans gave rise to the belief that the independent nation would follow El Salvador in terms of the official adoption of Bitcoin as legal tender.
The government of El Salvador made Bitcoin official as legal tender in September of last year, this event occurred after the local president, Nayib Bukele revealed his intentions to make this adoption possible and sent the bill that would make those intentions real and legal.
The adoption of BTC came along with a series of other procedures, such as intentions to encourage Bitcoin crypto mining powered by geothermal energy sources, the future issuance of bonds focused on the digital asset, as well as the creation of an ambitious city named Bitcoin City, which is an urban project scheduled for the next ten years.
The step that El Salvador took also set off alarms among governments and international entities. One of them was the International Monetary Fund (IMF), which has repeatedly warned the local government and invites them to undo the procedure as soon as possible, even menacing other regions with certain sanctions in case they continue with those procedures.
By: Jenson Nuñez
