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The small island of Madeira in the Atlantic Ocean is set to become the world's first " Bitcoin-based nation-state."
President Miguel Albuquerque made the announcement at the Bitcoin Amsterdam 2023 conference in the Netherlands on Tuesday, per CoinDesk.
The plan is to make the island a hub for Bitcoin and other cryptocurrencies, as well as for tech companies looking to expand their presence in the region.
"We want to be a place where innovation and entrepreneurship can flourish," Albuquerque said, per CNBC.
"We want to be a place where people from all over the world can come to do business."
The Serbian prince who made the announcement, Prince Filip, says he believes Madeira will eventually become a Bitcoin-based nation, though it's not clear when that might happen.
In the meantime, the island has taken steps to make it easier for investors to do business there, including exempting Bitcoin from personal income taxes, Bloomberg reports.
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