Growing Number Of Regions In The World Turning To Bitcoin As Legal Tender After El Salvador’s Lead

• Across the world, Bitcoin adoption plans are picking up the pace after El Salvador grabbed the bull by the horns.
• Regions in Portugal and Honduras are the latest to consider Bitcoin adoption.
• Mayors in the US have begun accepting their salaries in Bitcoin while states are deliberating whether or not to accept them as payment for taxes.

The race is on for the next country to accept Bitcoin as legal tender within its borders. While national governments are adopting a tentative approach, regions are unveiling concrete plans to go all-in.

Portugal and Honduras – Flirting With Bitcoin

At the Bitcoin 2022 Conference in Miami, three guests took the stage to share the rate of Bitcoin adoption with the attendees. Miguel Albuquerque, President of Madeira, Portugal revealed that the popular tourist destination would be pivoting to Bitcoin shortly.

“I believe in the future and I believe in Bitcoin,” said Albuquerque. While he did not confirm whether he had the support of the national government, he stated Bitcoin trades are not subject to income taxes while corporate entities have a 5% tax relief. His optimism and comments elicited a round of applause from the charged crowd.

A delegate from Próspera, a region in Honduras announced that the country will allow Bitcoin and other cryptocurrencies to operate in its jurisdictions despite the country’s central bank’s hard stance against cryptocurrencies. The “Special Economic Zone” allows taxes to be paid in Bitcoin with no capital gains being charged to them.  According to the representative’s speech, there are plans to invite foreign nationals to launch Bitcoin bonds from the jurisdiction.

During the event, Senator Indira Kempis, a Mexican Senator took the stage and reeled out her country’s plans for Bitcoin. Kempis stated that she planned to submit a bill for cryptocurrency regulations in Mexico in the coming months.

“In two months we will propose legislation to modify regulations in fintech and monetary law,” Kempis told the crowd. Mexico’s president broke the hearts of enthusiasts in 2021 by shying away from answering questions about using Bitcoin as legal tender. 

Advances In Other Regions

Adoption of cryptocurrencies has reached a frenetic pace in the US with states scrambling to earn the title of a digital state. Colorado’s Governor revealed that the state was about to turn to cryptocurrencies for the payment of taxes and described the move as the “next logical step on the path to digital statehood.”

New York’s Mayor Eric Adams sent the cryptoverse into a frenzy after announcing that he will be receiving his paychecks in cryptocurrencies. Not an isolated incident, other mayors like Miami’s Francis Suarez and the City of Portsmouth have accepted Bitcoin. 

Sports stars have also indicated a desire to turn to Bitcoin as payment for their services. Odell Beckham stated that he would accept a large chunk of his salary in Bitcoin with Klay Thompson, Andre Iguodala, and Cade Cunningham of the NBA following suit. UFC took things up a notch with the move of paying fighter bonuses in cryptocurrencies.