Puerto Rico's Path from Tax Haven to Crypto City

A group of “Cryptocurrency Millionaires” have recently sold their homes and many of their belongings to move to Puerto Rico. Many of these entrepreneurs have made small fortunes on blockchain technology and by investing early in cryptocurrency.

Facing a climate of increased regulation and taxation on the cryptocurrency world, Puerto Rico offers a unique solution. The business taxes are reasonable and there is no federal income tax. Add to this that one can keep their US citizenship and one can see why this area might be attractive to US crypto investors.

The plans for Puerto Rico , however, go far beyond a tax haven for the rich. These entrepreneurs have a vision of creating a kind of crypto city which will serve as an example for the rest of the world. Talks of a cryptocurrency bank and all crypto cities are just some of the ideas included in this vision. These investors are taking over hotels and museums with the idea of rebuilding and using the blockchain for contracts to insure transparency. If they are successful, this project could become a model for the rest of the world.

Perhaps the most intriguing part of the project is that it is not about money. This group speaks often of fairness and giving back which is quite refreshing in the world we live in today.

If cryptocurrency is going to change the world, Puerto Rico may be the first step in a long road of life changing advances made possible by the blockchain.