Leading crypto Bitcoin (BTC) is starting to enjoy nation-state adoption. We saw this first in the adoption of Bitcoin as a legal currency in El Salvador. However, more is coming.
Significant steps are being taken for Bitcoin adoption
Today, Mexico took action to make the leading cryptocurrency a legal currency. Indira Kempis, a Mexican senator, urged the government to immediately accept Bitcoin as a legal currency in the country.
Similarly, Madeira, an autonomous Portuguese region, is ready to adopt Bitcoin and charges zero personal income tax for buying and selling Bitcoin, making the option more attractive. One official said Madeira offers ‘great conditions’ for companies as it charges the lowest taxes in Europe.
Another important Bitcoin announcement is from the city of Prospera in Honduras. Like Madeira, the city is trying to adopt Bitcoin as a legal currency with no capital gains tax. These are key milestones achieved in the massive Bitcoin adoption effort.
Working for nation-states to adopt Bitcoin
Samson Mow is the former CTO of Blockstream, a Bitcoin technology company. He recently resigned from his position at the company to work on the adoption of Bitcoin by nation states. The strong Bitcoin advocate says that Bitcoin is the only way to avoid the “dark times” that are coming, and that these adoptions are due to his efforts over the past month:
That’s what I managed to do in about a month and I’m only a man. We are entering dark times; inflation, CBDCs, surveillance, you name it. BTC is the way to fix all this. But to achieve this goal, we all need to use Bitcoin.
As we have mentioned inKriptokoin.com news, El Salvador has accepted Bitcoin as legal money. According to Samson Mow, more countries and cities need to adopt the digital currency even faster. Talking about Lugano, a Swiss city that has made Bitcoin ‘de facto legal money’, he states that nation-state adoption will start from the bottom up, not the top.
Samson Mow founded his company on January 3 to further drive Bitcoin adoption. The company’s main goal is to accelerate ‘hyperbitcoinization’ and take over some of Blockstream’s projects. The company also “signed a Memorandum of Understanding with the government of El Salvador to build infrastructure for Bitcoin City”.
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