In winter, the waves of cryptocurrency entrepreneurs follow Puerto Rico, after which Hurricane Maria disrupted the infrastructure there in September. They are led by Brock Pierce, the director of the Bitcoin Foundation and founder of Block. One.
The entrepreneurs hope to transform the island of Puerto Rico according to libertarian principles. The despair created by the social revolution of the natural disaster last autumn has prompted some to welcome the early cryptocurrency advocates (or the money they bring). With a few other external capital implications, it is hoped that the idea of a crypto utopia will provide for much needed infrastructure improvements and repairs.
According to the New York Times, the Puerto Rico government is receptive to the inflow of new money brought by the crypto entrepreneurs. It appears that the governor agreed to speak at the group's blockchain summit called Puerto Crypto. The event is scheduled for this March. In addition, the entrepreneurs currently living in what they hope will be "Sol", almost succeeded in convincing local government to allow the creation of a crypto bank. This is certainly an idea of an idea if there was ever one.
Erika Medina-Vecchini, Chief Development Officer of the Department of Economic Development and Trade, expressed a further positive sentiment about the idea of new money received from Puerto Rico with Sol. She told the New York Times:
"We are open to crypto business."
Those who sought refuge in Puerto Rico spend their days looking for property to buy and transform in line with their utopian vision. The community center is currently a 20,000 square foot complex renting the group. The building is called the monastery.
One of the first tasks for the community will be to restore the electricity infrastructure that was inconvenient, thanks to the hurricane. The incentive to do this is obvious. Not only will it make the island much more comfortable for those who use First World luxuries, but it will allow kriptokurrency mining, an effort to bring prosperity to many residents. Of course, it will also benefit the inhabitants of the island.
Not everyone, however, is satisfied with the developments in Puerto Rico. Andria Satz, a worker at the Conservation Trust of Puerto Rico, expressed her concerns about the group's incentives:
"We are the tax playground for the rich … We are the test case for anyone who wants to experiment. Foreigners get tax exemption, and local residents can not get permits."
While the group currently expresses altruistic ambitions for Sol and Puerto Rico, it is unclear how true this sentiment is. There are definitely clear incentives for liberty-minded entrepreneurs to blow cash to create a community. For one, citizens of the island do not have to pay federal personal income tax or capital gains. They will also benefit from extremely favorable business taxes. Perhaps the most attractive prospect of the website they decided to call home, the fact that they should not even deny their American citizenship to move there. If the community completely fails, they can always return to the next plane on the next plane, where the crypto community has to regulate itself.
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