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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.
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.
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