Mexico, Madeira, and Honduras city looking to adopt bitcoin.
Bitcoin is starting to enjoy nation-state adoption. This has been seen in El Salvador accepting Bitcoin as a legal tender, but more is coming.
Today, Mexico has moved to make the top cryptocurrency a legal tender. A Mexican senator, Indira Kempis has called on the government to immediately adopt Bitcoin as a legal tender in the country.
Similarly, Madeira, an autonomous Portuguese region, is ready to adopt Bitcoin and is making the option more attractive by charging zero personal income tax for buying and selling Bitcoin. An official said that madeira offers “fantastic conditions” for corporations as it charges the lowest taxes in Europe.
Another significant Bitcoin announcement is from the city of Prospera in Honduras. Like Madeira, the city is moving to adopt Bitcoin as a legal tender with no capital gains tax. These are significant milestones achieved in the push for mass Bitcoin adoption.
Working for nation-state Bitcoin
Samson Mow who summed up the Mexico BTC announcement is a former CTO of Blockstream, a Bitcoin technology company. He recently resigned his position at the company to work on the Mexico-state adoption of Bitcoin. The strong Bitcoin proponent said Bitcoin is the only way to avoid the “dark times” that are coming and these adoptions have happened because of his efforts in the last month.
“This is what I’ve managed to get done in about a month, and I’m just one guy. We’re going into dark times — inflation, CBDCs, surveillance, you name it. Bitcoin is the way to fix all of this, but it takes all of us to use Bitcoin to reach that goal,” he said
According to Mow, El Salvador has started the legal adoption of Bitcoin but more nations and cities need to adopt the digital currency even faster. Speaking of Lugano, a Swiss city that has made Bitcoin the “de facto legal tender” legal tender, he said nation-state adoption will start from the grassroots rather than from the top.
Jan 3’s hyperbitcoinization mission
In order to drive even greater bitcoin adoption, Mow has launched his company, on Jan. 3. The company’s main goal is to accelerate “hyperbitcoinization” and will be taking over some of Blockstream’s projects. The company has also “signed an MoU with the government of El Salvador to build infrastructure for Bitcoin City.”
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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