Bobos & Wojaks

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Puerto Rico Wishes To Use Blockchain To Combat Corruption

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Puerto Rico, a Caribbean island and unincorporated territory of the United States, is one of the world’s most corrupt countries. At the same time, a huge majority of the residents are impoverished. Not only is blackmail prevalent in the general population, but it is also prevalent at higher levels.

Recently, the mayor of Catao Township pleaded guilty to receiving more than $100,000 in bribes and fancy watches in exchange for millions of dollars in community contracts.

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Rafael “Tatito” Hernández recently told Bloomberg that he would meet with blockchain experts to discuss building “smart contracts.” According to him, the technology’s transparency has the potential to strengthen Puerto Rico’s financial network and potentially reduce corruption.

“We have a real credibility problem. And that could be part of the solution. “

These sessions, according to Hernández, will also be part of a larger aim to make Puerto Rico into a hub for digital assets and blockchain innovation. The state’s cheap taxes, as well as the fact that trading in Bitcoin and altcoins is tax-free, have recently attracted thousands of new citizens.

Hernández feels that locals should focus on the bitcoin industry as well, since it might generate job possibilities and a better way of life for them:

“In the 1960s and 1970s, we had the manufacturing niche. It’s a new niche, a new opportunity to create jobs. “

Rafael “Tatito” Hernández, Alchetron.com

Earlier this year, another Caribbean island, Cuba, declared plans to launch Cryptocurrencies as a tool to help the country overcome its financial difficulties.

President Miguel Diaz Canel committed to “keep the public updated on any implementation of this topic.” However, Cuba’s president warned of continuous crypto scams on the island, referring to them as “investment pyramid schemes.”

Cuban authorities made a similar remark in 2019 about how cryptocurrency could help the country’s currency problems. Following that, the Minister of Economy and Planning stated:

“We are considering examining the use of cryptocurrencies in domestic and international trading matters. Actions like this can move us forward. We have to look for alternative means to solve economic problems. “