Puerto Rico May Become The Next Hotspot For Cryptocurrencies

by | Mar 16, 2018 | Cryptocurrency, Cryptocurrency News

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Puerto Rico has been in various headlines, but the current one is that it may become as hotspot for cryptocurrencies in the coming times. This was disclosed by the experts and entrepreneurs at a blockchain conference.

Puerto Rico is an unincorporated territory of the United States located in the northeast Caribbean Sea.

Meanwhile the government of Puerto Rico has also been showing full support on the introduction of cryptocurrencies to the financial asset market in the country. This was confirmed when Manuel Laboy, secretary of Puerto Rico’s Department of Economic Development and Commerce, made an announcement on Thursday that it was forming an advisory council to help blockchain businesses grow.

While this development is in full swing, the U.S. Territory has also shown support to offer tax benefits to businesses that relocate there. Laboy believes, this is going to be a win win situation for the investors who have been wanting to invest and expand their cryptocurrency business in the Puerto Rico market. He also mentioned that for every 14 available blockchain developer jobs, there is only one qualified person to fill the position.

In the recent times, the cryptocurrency market has faced adverse circumstances in terms of its value and adoption, because of certain regulatory fears and now with the Google’s recent announcement to ban advertisements based on promotion of cryptocurrencies, Ripple, ethereum, bitcoin and litecoin have all hit a low since the last week.

Thus, this news may bring some hope of revival of the cryptocurrency markets.

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