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The original online payment platform, PayPal, has decided to leave the populous island of Puerto Rico next month. The US territory has imposed a 2 percent take on any money transmission, forcing Paypal’s hand.
Puerto Rico, a commonwealth estimated to have roughly US$72 billion in debts, announced this week that the accumulated debt simply cannot be paid.
Puerto Rico has defaulted on $800 million of its general obligation bond debt, with no plans on paying it back. Smart investors go with Bitcoin instead.
To combat the Zika virus, Puerto Rico instituted a price freeze to keep condom prices from exploding. Meanwhile, its economy needs stimulation. Bitcoin can help provide that growth.
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