The island, a territory of the U.S., is tax free on personal income and capital gains. This is a golden opportunity for crypto users as the IRS has been looking for people who are not paying taxes on their Bitcoin holdings.
Halsey Minor, CNET founder, called this situation ‘the perfect storm’. “While it was really bad for the people of Puerto Rico, in the long term it’s a godsend if people look past that.”
Apart from Minor, the group includes Lottery.com co-founder Matt Clemenson, the Bitcoin Foundation’s Director and Block.One co-founder Brock Pierce, Blockchain Industries CEO Bryan Larkin, and Tether co-founder Reeve Collins. They are already in talks with the local government to create a cryptocurrency bank for Sol. But they are not sure whether this utopia will be a city or will be a move into Puerto Rico’s capital, city San Juan.
More details: