E-money decision next year

… as fuel prices rise.

E-money headline in JM

JM highlights that the Regional Government will determine “by mid-2023” whether or not to move towards the implementation of an electronic currency or E-money in Madeira. Rui Barreto, responsible for the Economy, awaits the results of a study that is already underway into E-money to understand the legal requirements required for this purpose, although he guarantees, if the opinion is positive, a “strict supervision by the Bank of Portugal”. The EU position on E-money can be found here.

Earlier this year Madeira was heavily linked with a move into Bitcoin. Bitcoin would not be subject to personal capital gains tax in the Region according to an announcement by Regional President Miguel Albuquerque in May – many other nations treat Bitcoin as ‘property’ rather than ‘currency’, therefore sellers must pay capital gains tax upon selling any crypto assets. 

Fuel up 20 cents in two weeks

The front page also highlights yet another headache, as fuel prices rise again. In just two weeks, pump prices have risen by almost 20 cents in the Region. As of Monday, diesel costs 1.826 euros per litre, gasoline goes up to 1.815 euros

Finally, Jaime sent in a link to a rather clever YouTube video below:

COVID-19 in Madeira: updates can be found in an earlier post

E-money decision next year 1

All the incidental news from Madeira – up to 60 reports per day – is being continually picked up automatically, translated, and instantly posted on our sister website, no matter how trivial

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