Cryptocurrencies in Puerto Rico

With the arrival of several figures led by Brock Pierce following the passing of hurricane Maria in 2017, cryptocurrency became an issue of mediatic and socioeconomic interest in the Caribbean archipelago of Puerto Rico. These traders relocated to the island motivated by the tax incentives provided by Act 20-2012 and Act 22-2012 and the tropical setting. They claimed that their intention was to create an utopian blockchain


With the arrival of several figures led by Brock Pierce following the passing of hurricane Maria in 2017, cryptocurrency became an issue of mediatic and socioeconomic interest in the Caribbean archipelago of Puerto Rico. These traders relocated to the island motivated by the tax incentives provided by Act 20-2012 and Act 22-2012 and the tropical setting. They claimed that their intention was to create an utopian blockchain "crypto city" or "community", which at various times became known by the names of Puertopia, Crypto Rico, Puerto Crypto or Sol, becoming themselves known as "Puertopians". The ideas promoted by this group have prompted a mixed reception, being favored by gubernatorial administrations but also spawning protests from political and grassroots movements that raise concerns about disaster capitalism, gentrification and settler colonialism. Puerto Rico has earned a reputation as a hub for cryptocurrency enthusiasts and, according to Pierce, by 2021 the archipelago had the largest quantity of coins concentrated in a single place in the world.
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