These are also sometimes more ambitious projects based on the specific legal status of certain islands. The idea of forming such “crypto paradises” and other “Bitcoin islands” is not new, and several such projects have failed in the past. But at least two projects appear to be on the road to success.
Roatan, an island of 83 km2 off the coast of Honduras, in the Caribbean, for example, has partnered with the Prospera company to manufacture the territory “a hub of sustainable economic development”. In practice, the territory is semi-autonomous while enshrined in the Honduran constitution.
The President of Prospera, American Joel Bomgar, both an entrepreneur and a member of the Mississippi House of Representatives, does not hide his attraction to Bitcoin. “I’m a big bitcoin fan. I firmly believe that one day it will be the universal and global reserve currency for the world.”he started 2021 on Twitter. Logically, Roatan will actually be an area utilizing cryptocurrency. “Inside will thrive, Bitcoin acts as legal tender. This means there is no capital gains tax on BTC, you can trade Bitcoin freely, and you can pay taxes and fees to the jurisdiction in Bitcoins.announced Bomgar in April 2022.
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