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Puerto Rico Is The New Crypto Utopia

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Sead Fadilpašić

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Sead Fadilpašić

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Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

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Last updated:

June 26, 2023

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Dozens of crypto and blockchain entrepreneurs are on their way to Puerto Rico this winter, The New York Times reports. Plans for building a real crypto utopia are underway, funded by the wealth of Bitcoin billionaires.

The utopia was supposed to be called Puertopia, until someone, supposedly very seriously, told them it translated directly to “eternal boy playground” in Latin, so the name was changed to Sol.

Apparently, now they are looking for properties that would allow them private docks and airports, taking over hotels and museums, and they even claim they are very close to persuading the local government that a crypto bank is a good idea.

The benefits of moving to Puerto Rico are obvious: there are no federal personal income taxes, no capital gains tax and favorable business taxes, and the people flocking there don’t even have to renounce their US citizenship. As The New York Times reports, “After Hurricane Maria decimated Puerto Rico’s infrastructure in September and the price of cryptocurrencies began to soar, they saw an opportunity and felt a sense of urgency.”

According to Halsey Minor, founder of the news site CNET, who joined the exodus, “The U.S. doesn’t want us; it’s trying to choke off this economy […] There needs to be a place where people are free to invent.”

Reeve Collins, co-founder of the controversial Tether cryptocurrency, explained his reason for moving to Puerto Rico: “So, no, no, I don’t want to pay taxes […] This is the first time in human history anyone other than kings or governments or gods can create their own money.”

Locals disagree on whether this crypto-city is a good idea or not: some are open to the new wave of possible investments, others are afraid of the island being used as an experiment and phrases such as “crypto colonialism” are being used with rising frequency.