In a spirit of transparency, the Juntos Pelo Povo (JPP) party released a statement “disclosing to all citizens a study commissioned by the Regional Government of Madeira and paid for by the Regional Secretary for the Economy entitled ‘Consulting and Design of a Solution for the Creation of Electronic Money.’ A study that has cost 100 thousand euros plus VAT.
The party also states that “this study, prepared by the law firm Rebelo de Sousa & Advogados Associados, SP, RL., was commissioned following Miguel Albuquerque’s participation in Bitcoin Miami in 2022. The trip to Miami, by the President of the Government, Miguel Albuquerque, and his Chief of Staff, José Medeiros Gaspar, cost the regional budget more than 26 thousand euros for 4 nights in Miami, the equivalent of 37 minimum wages.
In view of this statement, the Regional Secretary for Economy, Sea and Fisheries clarifies that “contrary to what this party would have us believe, the Regional Government of Madeira has not commissioned any study on ‘cryptocurrency’. Launching the subject in this sneaky and unskilful way, as has been the ‘modus operandi’ of this party force, seeking to make its insinuations and distortions of reality true, only reveals the poor level of argumentation and the clear intention to stop development and economic growth. Thus, and for the avoidance of doubt: the Regional Government of Madeira, through the Regional Secretary for Economy, Sea and Fisheries, is carrying out a study on the creation, implementation, and management of an electronic currency and not cryptocurrencies, which is a very different thing.”
The Secretariat led by Rui Barreto also leaves “some preliminary notes on this subject, which may be important: While electronic money is a means of payment duly certified by central banks, be it the Bank of Portugal or the European Central Bank, cryptocurrencies are based on blockchain technology and can be issued by anyone. In other words, the electronic money that the Region is studying is a unit of currency duly controlled by the national and Community banking system.”
It also states that “electronic money is issued by a bank or other financial institution. It is stored in an electronic format, such as a debit or credit card, or in a bank account. As a rule, electronic currencies are convertible into fiat currencies, in our case, into euros.”
Samantha Gannon
info at madeira-weekly.com
