As Puerto Rico Recovers From Hurricane Fiona, Island Advocates Are Turning To...
The Puerto Rico Blockchain Trade Association is seeking the Bitcoin community’s help as the island recovers from Hurricane Fiona.This is an opinion editorial by Keiko Yoshino, a public policy attorney and lobbyist who advocates for blockchain-friendly laws in Puerto Rico, and the executive director of the Puerto Rico Blockchain Trade Association.By September 18, Hurricane Fiona had poured over 30 inches of rain on Puerto Rico within 72 hours, almost as much rain as Seattle gets in an entire year.Historic flooding. Islandwide power outages. This was all too familiar to Shirley....
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Crypto capital is moving to Puerto Rico as tax regulations are much more favorable than in the U.S. proper. The United States territory of Puerto Rico is seeing a resurgence of interest among crypto investors attracted by the fact it doesn’t charge federal income tax and eligible investors can pay zero taxes on their crypto gains.Under local law Act 22, those who live in Puerto Rico for at least half of the year are exempt from taxes on interest, dividends and capital gains — meaning they can keep most or all of the profits from crypto or other investments without having to renounce U.S.....
The latest The Times article qualifies Puerto Rico as “home to one of the world’s first cryptocurrency communities.” Are they exaggerating or are they on to something? Apparently, favorable tax laws have brought “10,000 well-heeled US migrants” to the island. From those, “an estimated 3,000 of the arrivals are newly minted cryptocurrency millionaires” and “an […]
Puerto Rico has recently used legislation to force capital controls. The country has imposed a 2% fee on any money transmission, forcing Paypal's to pull out of the country. Following an attempt to start capital controls, Puerto Rico government passed a law that forces all peer-to-peer transactions to be taxable at a 2% rate. With this move the country's government is looking to extract any additional sources of income from Puerto Rican citizens. This was the main reason leading the international online financial institution, PayPal to abandon the country. With the new imposed fees PayPal....
Puerto Rico defaulted on its public debt. The US island territory failed to pay its general obligation bonds on Friday. It owes an estimated $800 million to creditors, while only retaining $350 million in cash on hand. A spokesperson for the governor defended the decision on Thursday: “This administration continues to take historic steps to ensure the residents of Puerto Rico continue to receive essential services while the commonwealth continues to face a delicate financial situation.” Debt in theory guaranteed by the Puerto Rican constitution. According to the constitution of Puerto....
To mitigate austerity and resolve debt, Puerto Rico should follow in El Salvador’s footsteps and make bitcoin legal tender.