Puerto Rico Lawmakers Plan to Fight Corruption Using Blockchain – Bits Media

Puerto Rico Legislature Moves to Use Blockchain to Ensure Transparency and Public Sector Accountability.

The small island nation of Puerto Rico with a population of 3.3 million people were shaken by a series of corruption scandals. The latest one broke out last Friday., when the mayor of the city of Catano pleaded guilty to accepting bribes amounting to more than $100 000 in exchange for preferences when concluding municipal contracts. According to the Puerto Rican FBI office, Other indictments against a number of government officials are also at the investigation stage..

Speaker of the Puerto Rican House of Representatives Rafael Hernandez (Rafael Hernandez) reported, that he has planned a series of consultations with representatives of the blockchain industry. The main thing on the agenda of the meetings is a discussion of the use of blockchain and smart contracts in the public sector, which will help ensure control of operations in the public sector.

"We have a real trust problem. And blockchain can be part of the solution to this problem. In addition to the fight against corruption, The industry meetings will be part of a broader plan to transform the island into a hub for blockchain and cryptocurrency innovation.”, - Hernandez said.

Although the island is part of the USA, There is no capital gains tax in Puerto Rico, including profits from transactions with cryptocurrencies. Puerto Rico is the only place in the United States, where is the investment income, dividends and interest are not taxed. Tax incentives attract cryptocurrency companies and new residents to Puerto Rico. Department of Economic Development says, what in 2021 Demand for tax breaks tripled this year.