Puerto Rico: The cryptocurrency industry’s next target

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  • Crypto experts and entrepreneurs are counting on Puerto Rico as the next hot place to do business.
  • The Puerto Rican government is pulling out all efforts to support the industry, and announced it was forming an advisory council to aid in the growth of blockchain businesses.
  • Bitcoin bull Brian Kelly dubs Puerto Rico a ‘viable’ place to start cryptocurrency businesses

Puerto Rico might just be the next hottest place to do business for the cryptocurrency industry, predicted experts and entrepreneurs at a blockchain conference this week. This prediction may be based on the fact that Puerto Rican government officials announced efforts to support the industry.

Puerto Rico’s Department of Economic Development and Commerce Secretary Manuel Laboy announced on Thursday that they are forming an advisory council to aid the growth of blockchain businesses.

Puerto Rico also offers tax benefits to businesses that decide to relocate there.

Laboy disclosed at an interview with CNBC that the move is a win-win situation for investors. He added that Puerto Rico is eager to participate in the ever expanding cryptocurrency market.

He said that out of every 14 available blockchain developer jobs, only one person is qualified to fill the position.

Bitcoin bull Brian Kelly says that the government is exhausting all efforts to attract new business and “Cryptocurrency is a new business”.

Kelly dubs Puerto Rico as a “viable” place to start business. It is as good as Switzerland, Singapore or Hong Kong when it comes to cryptocurrency investment.

The only thing that’s left to do is “to find out how to do it in this environment” he added.

The cryptocurrency market has not been in good shape recently following threats of regulation and Google’s announcement that it is banning all cryptocurrency-related advertisement. This resulted to fall in prices of some of the most notable cryptocurrencies in the market like Ripple, Ethereum, Litecoin and Bitcoin.

Bitcoin, the first and most popular digital currency reached its peak of $19,500 last December, fell below the $8,000 mark this week.


Photo by jonathan buttle-smith on Unsplash

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