Friday, March 1, 2019

Cryptocurrency community founded in Puerto Rico

Puerto Rico: Future Blockchain Utopia? | NewsBTC - Rick D.:

February 14, 2018 - "A group of cryptocurrency entrepreneurs have moved to Puerto Rico with the goal of setting up a libertarian utopia. The settlement was originally named Puertopia but now is known as Sol.... Lured by the promise of freedom, waves of cryptocurrency entrepreneurs have been moving to Puerto Rico ... following Hurricane Maria which desecrated the infrastructure there.... They’re led by Brock Pierce, the director of the Bitcoin Foundation and founder of Block.One.

"The entrepreneurs are hoping to transform the island of Puerto Rico along libertarian principles. The desperation created by ... the natural disaster ... has prompted some to welcome the early cryptocurrency advocates (or the money they bring with them). With few other influxes of outside capital, it’s hoped that the idea of a crypto utopia will allow for much-needed infrastructure improvements and repairs.

"According to the New York Times, the government of Puerto Rico is receptive to the influx of new money that the crypto entrepreneurs are bringing with them. [T]he governor ... agreed to speak at the group’s blockchain summit conference called Puerto Crypto... scheduled for ... March [2018].... Erika Medina-Vecchini, the chief business development officer for the Department of Economic Development and Commerce espoused further positive sentiment about the idea of new money coming to Puerto Rico courtesy of Sol....

"One of the first tasks for the community will be to restore the electricity infrastructure.... Not only will it make living on the island far more comfortable for those used to First World luxuries but it will allow for cryptocurrency mining, an endeavour many inhabitants have made their fortunes from. Naturally, this will benefit those native to the island too....

"There are certainly clear incentives for the libertarian-minded entrepreneurs to flash some cash to set up a community there. For one, citizens of the island do not need to pay Federal personal income taxes or capital gains. They will also benefit from hugely favourable business taxation too. Possibly the most alluring prospect about the site they’ve decided to call home is the fact that they don’t even need to renounce their US citizenship to relocate there."

Read more: https://www.newsbtc.com/2018/02/14/puerto-rico-future-blockchain-utopia/
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