Madeira set to create cryptocurrency

Written By Lara Silva

The University of Madeira announced on Wednesday that it is developing a cryptocurrency to be used in Madeira, in partnership with a cybersecurity company called Naoris Protocol. The cryptocurrency is set to be developed by the new Research Center of the university, Osean. The creators are looking to replicate a cryptocurrency project in the Bahamas where the digital coin can be used to pay for a variety of different services.

The project is a partnership between the University of Madeira and the company Naoris Protocol, which specializes in cybersecurity. The CEO of Naoris Protocol David Carvalho argues that the cryptocurrency will energize the local economy, facilitating transactions and allowing money to stay in the region.

The cryptocurrency’s value will be equivalent to the euro, with David Carvalho stating its use will be simple. He said, “It will be similar to Revolut or TransferWise, except, in this case, a card is not necessary and no bank connection will exist. A person only needs an application, in any situation, to buy fruit, or pay for a hotel or restaurant. All they need is the app to read a QR code, without needing a service or machine for payment. A business only needs to have the app to receive the payment”.

The company Cypher by Holt Global Digital Banking will support the implementation of the cryptocurrency in Madeira. The president of the company, Scott MacAndrew says “that people do not need to fear the cryptocurrency” due to its security.

JM Madeira reported that the Regional Government of Madeira is not involved in the creation of the cryptocurrency or its management.

In April, the President of Madeira, Miguel Albuquerque said at the Bitcoin 2022 conference that he believes in the future of Bitcoin, vowing to “create in Madeira a fantastic environment for Bitcoin”. Other statements led audiences to believe Madeira would be accepting Bitcoin as legal tender, but this is currently not the case.

As of now, cryptocurrency is not taxed in Portugal. You will not be charged VAT or Personal Income Tax (IRS) as an individual for cryptocurrency gains. However, the new Minister of Finance Fernando Medina announced on May 13 that cryptocurrencies will be subject to taxation in the new future. While details are not yet set in place for the taxation of crypto in Portugal, the government has said the future plan will include, among others, a tax on the gains of selling cryptocurrencies.

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