According to local news outlet El Nuevo Dia, Puerto Rico’s Department of Economic Development and Trade (DDEC) is going to set up an advisory council to attract and develop companies based on blockchain technology within the public and private sectors The move was announced by the island’s secretary of economic development and commerce, Manuel Laboy Rivera, during the Blockchain Unbound conference in San Juan. The advisory council will comprise of members of both the private and public sector, including Rivera.
In the recent meeting during the blockchain unbound event, Manuel Laboy, secretary of the DDEC, Announced one of several activities that are being held on the island this week on the blockchain.
As per the report – on the public sector side they had chief information officer (CIO) of the Government of Puerto Rico, Luis Arocho, as well as the commissioner of Financial Institutions, George Joyner, and the secretary of Treasury, Raúl Maldonado.
Meanwhile, in the private sector, the council will be comprised of “several investors, entrepreneurs, and blockchain technology experts who have moved to Puerto Rico in recent months, as well as industry leaders from the United States,”
The committee will be principally in charge of giving regulations on the execution of a service structure for the part, keeping in mind the end goal to guarantee that it grows beneficially and turns into a huge player in the recuperation of Puerto Rico, Laboy included.
El Nuevo Dia, citing sources close to the agency, reports the advisory will unofficially serve as a “filter” to distinguish legitimate blockchain projects that help solve the island’s problems, from projects that don’t hold any value.
The news outlet’s source stated:
“[Blockchain] is becoming a ‘catchphrase’ in the same way that many companies were previously mentioning “cloud” solutions. The government is very careful about which projects to support.”