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- According to Hernández, the sessions would be part of a bigger attempt to turn Puerto Rico into a digital asset and blockchain innovation powerhouse
- Rafael Tatito Hernández indicated in a recent interview with Bloomberg that he will begin meeting with blockchain experts to discuss the creation of smart contracts
- Locals, according to Hernández, should focus on the bitcoin industry because it may provide job possibilities and a better lifestyle than in the 1960s and 1970s, they had a manufacturing niche
According to Hernández, the sessions would be part of a bigger attempt to turn Puerto Rico into a digital asset and blockchain innovation powerhouse. Thousands of new residents have recently migrated to the state due to its cheap taxes and tax-free trade of bitcoin and altcoins. Puerto Rico, a Caribbean island and an unincorporated territory of the United States, is one of the world’s most corrupt countries. Simultaneously, a sizable portion of the population lives in poverty. Extortion is frequent not only among the ordinary public but also at the highest echelons of government. The mayor of Catao pleaded guilty a few days ago to receiving more than $100,000 in bribes and fancy watches in exchange for millions in municipal contracts.
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Rafael Tatito Hernández indicated in a recent interview with Bloomberg that he will begin meeting with blockchain experts to discuss the creation of smart contracts. According to him, the technology’s transparency might help to improve Puerto Rico’s financial network and potentially reduce corruption. They have a serious credibility issue. And it’s possible that this is a part of the solution. Those sessions, according to Hernández, would be part of a larger effort to make Puerto Rico a hub for digital assets and blockchain innovation. Thousands of new citizens have lately moved to the state because of its low taxes and the fact that trading bitcoin and altcoins are tax-free.
Locals, according to Hernández, should focus on the bitcoin industry because it may provide job possibilities and a better lifestyle than in the 1960s and 1970s, they had a manufacturing niche. This is a new niche, a new job-creation potential. Corruption scandals have rocked the 3.3 million-strong US territory in recent years.
The mayor of Catano pled guilty on Friday to taking more than $100,000 in bribes and luxury watches in exchange for millions of dollars in municipal contracts. More public-sector indictments are reportedly in the works, according to the local FBI office. The industry events, according to Hernandez, are part of a larger attempt to turn Puerto Rico into a cryptocurrency and blockchain innovation hotspot. Thousands of new people have been attracted to the island because of its tax perks, including the lack of a capital gains tax, which includes crypto-currency gains.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
