Puerto Rico Will Battle Corruption With Blockchain Technology

Puerto Rico will battle corruption with the help of blockchain technology according to the Speaker of the Puerto Rico House Of Representatives Rafael Hernandez. In today’s blockchain news, we see what the plan looks like.

Rafael Hernandez said the growing blockchain industry could bring more accountability and transparency to the public sector and he also raised more hopes to his nation in becoming a cryptocurrency center on the planet. Puerto Rico will battle corruption thanks to the blockchain technology. The country is a Caribbean Island and an unincorporated territory in the USA but it is one of the most corrupt nations around the world. At the same time, a huge part of the locals live below the poverty line and extortion is quite common among the general population. A few days back, the mayor of Catano pleaded guilty to accepting over $100,000 in bribes in exchange for millions in municipal contracts. In an interview with Bloomberg, Rafael Hernandez said he will start meeting with the experts from the blockchain sector and will discuss creating smart contracts.

The transparency behind the technology could enhance the Puerto Rico financial network and can lower down the level of corruption:

“We have a real credibility problem. And this might be part of the solution.”

Hernandez added that the meetings will be a part of the broader mission to turn Puerto Rico into a hub for digital assets and blockchain innovation. The low taxes in the state and the fact that trading with altcoins and bitcoin is not really subject to taxation. He thinks that the locals will focus on crypto as well because they can create more job opportunities and can establish a better lifestyle:

“Back in the 60s and 70s, we had the niche of manufacturing. This is a new niche, a new opportunity to create jobs.”

Cuba also announced plans to start working on crypto adoption as an instrument to overcome the financial turbulence in the country. President Miguel Diaz Canel promised to keep the public informed about the implementations regarding the matter but Cuba’s leader alerted them about the ongoing crypto scams of the island and called them investment pyramid schemes. Back in 2019, the Cuban authorities made a similar announcement, and the Minister of Economy and Planning said:

”We are considering studying the application of cryptocurrencies in national and international commercial matters. Measures of this type can allow us to move forward. We have to look for alternative means to solve economic problems.”