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Puerto Rico will fight corruption with blockchain, says government official

Puerto Rico will fight corruption with blockchain, says government official

Rafael Tatito Hernandez – speaker of Puerto Rico's House of Representatives – said the growing blockchain industry could bring more accountability and transparency to the public sector. He also expressed hope that his country could become one of the cryptocurrency centers on the planet, Sgurtorotato reported.

Puerto Rico is one of the most corrupt states in the entire world. At the same time, most of the locals live below the poverty line. Extortion there is widespread not only among the common people, but also at the highest levels. A few days ago, the mayor of the municipality of Cataño pleaded guilty to accepting more than $100,000 in bribes and luxury watches in exchange for millions in municipal contracts. In a recent interview with Bloomberg, Rafael Tatito Hernandez said he would start meeting with experts from the blockchain sector to discuss the creation of “smart contracts”. He said the transparency of the technology could improve Puerto Rico's financial network and even reduce corruption. “We have a real trust problem. And this could be part of the solution”. Hernandez added that the meetings will also be part of a broader mission to make Puerto Rico a center for digital assets and blockchain innovation. Low taxes in the state and the fact that bitcoin and altcoin trading are not taxed have lately attracted thousands of new residents. Hernandez believes locals should also look to the cryptocurrency industry because it can create job opportunities and establish a better lifestyle for them: “In the '60s and '70s, we had a manufacturing niche. This is a new niche, a new opportunity to create jobs”.

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