Government Official: Puerto Rico Can Use Blockchain Technology To Fight Corruption

Rafael Hernández, the Puerto Rico House of Representatives Speaker, stated that the expanding industry of blockchain could take additional transparency and accountability within the public sector. The speaker was also hopeful for his county to turn out as one of the crypto centers across the globe.

Puerto Intends to grow into a hub of cryptocurrency

A USA-based unincorporated territory including Caribbean island, Puerto Rico, is among the prominent corrupt countries around the world. Simultaneously, a large portion of natives lives under the poverty line. Extortion is frequent there not just among the common population, however also in the higher strata of the society. Some days ago, the municipality’s mayor of Cataῇo admitted being guilty to having accepted luxury watches and bribes of more than $100,000 in return for millions from the municipality contracts. In the latest interview with Bloomberg, Rafael “Tatito” Hernández stated to start contacting experts within the sector of blockchain and converse about developing smart contracts.

He is of the view that the transparency at the back of technology has the potential to boost the financial network of Puerto Rico along with reducing the corruption level. He added that there is an issue of credibility which might be included in the solution. Hernández also mentioned that the respective meetings are to be included in a wider mission of developing Puerto Rico into a center of digital assets as well as a blockchain innovation.

Numerous new citizens have been attracted by the implementation of low taxes as well as the fact of the liability of altcoins and Bitcoin to taxation. Hernández considers that the natives should also be focused on the industry of cryptocurrency because it might generate job opportunities along with developing a comparatively better lifestyle.

Cuba attempted the similar move

Previously this year, Cuba – another island of the Caribbean – declared plans for examining crypto adoption to be a tool for controlling the financial uproar in the respective country. Miguel Díaz Canel (the President of the country) promised to frequently inform the common masses regarding the latest implementations relating to the matter. Nonetheless, he alerted the population about the crypto scams.

In 2019, the authorities of Cuba made an analogous announcement regarding the potential of crypto to handle the monetary problems of the country. The Economy and Planning Minister then revealed that there is a need for pursuing alternative means for the solution of economic issues and crypto provides that opportunity.