In Puerto Rico, the government formed an advisory council was created to increase the development of blockchain-related businesses.
The announcement was made on March 15th by Puerto Rico’s secretary of economic development and commerce, Manuel Laboy Rivera. In San Juan, during the Blockchain Unbound conference, he stated that Blockchain “is accelerating economic and social changes worldwide and Puerto Rico wants to be a part of it.”
The council will be composed of Blockchain entrepreneurs and investors as well as the government’s chief innovation officer, the secretary of Treasury and Manuel Laboy Rivera.
According to Rivera, Puerto Rico is already a great place for entrepreneurs to come build their businesses. There are tax incentives and exemptions for corporate and individual investors who wish to establish as residents.
Although Puerto Rico has constraints for American legislation, they want to develop the best possible regulative framework for Blockchain startups to have space to work.
“But most importantly, you’ll be doing business in a tropical island,” added Rivera.
Many smaller countries are making cryptocurrency and Blockchain part of their everyday lives. Recently, the Marshall Island adopted a cryptocurrency as their legal tender.