Puerto Rico News

Crypto capital is moving to Puerto Rico as tax regulations are much more favorable than in the United States.

The level of freedoms that the U.S. has provides an argument for the country as the most crypto-friendly location, although Puerto Rico also has its benefits.

The United States-based branch of cryptocurrency exchange Binance, Binance.US, opened account registration and verification services for residents of Puerto Rico.

Puerto Rico-based Medici Bank, founded by a direct descendant of the Italian Medici dynasty, launches private beta testing in October.

Some in the crypto community have embraced Puerto Rico. Could it be the country for you?

The new San Juan Mercantile Exchange subsidiary is now live after gaining a banking license in March.

Sources have told Bloomberg that Puerto Rico’s Noble Bank has lost Tether and Bitfinex as clients and is looking for buyers.

The Puerto Rican Department of Economic Development and Commerce is creating a public and private sector based Blockchain advisory council.

A report on Tether published by Bitmex Research shows that while it ‘possibly’ has enough fiat reserves, it is at risk of a shutdown by regulatory bodies.

The notion that US and Puerto Rico tax authorities will allow cryptocurrency sales to escape taxation entirely is pretty optimistic.

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.