How it all started
After the success of cryptocurrencies and blockchain technologies in 2017, the situation on the crypto market turned out to be less encouraging for the industry in 2018. Many countries have begun tightening the regulation of digital money, trying to “tighten the nuts”. The group of such crypto-enthusiasts from the USA has chosen Puerto Rico as the cryptocurrency paradise and decided to build “cryptotopia”.
The city, perfect for the cryptocurrency industry
The group of the ambitious cryptocurrency enthusiasts named their creation Puertopia, but as it occurred later that this name has a double translation from Latin. Now the Puerto Rican crypto city has a new name – Saul. Dozens of entrepreneurs, who got rich on the boom of blockchain technologies and cryptocurrencies, massively moved to Puerto Rico. They sold their houses and cars in California and became residents of this Caribbean island in order to avoid the hardships of federal taxes, which are destroying their wealth.
These men (since almost all of them are men) have a plan to to build a “cryptotopia”, a new city with digital money circulation, where all contracts are public, in order to show the world what a crypto future can look like. Blockchain and the distributed ledger are capable of changing the traditional society – and the Puerto-Pians wants to prove this in practice.
The world’s most successful entrepreneurs were looking for a suitable place to live and develop their businesses.
City, full of possibilities
As a result, the above-mentioned crypto community arrived to Puerto Rico to create their own paradise. Investors are looking for suitable territories where they could build their own airports and ship docks. They bought the hotels and the museums, called Old San Juan. They also plan to open the first crypto bank.
“There was an ideal combination of circumstances. Although it was very bad for the citizens of Puerto Rico, it will become a heaven’s gift in the long run, “says the founder of the CNET news site.
Entrepreneurs are attracted by the unprecedented tax conditions: no federal taxes on personal profits and profitable business taxes – all without giving up American citizenship. Currently, the local government are friendly towards cryptotopists.
The building of cryptopia
Th team is still discussing the features of Puertoopia. Bitcoin Foundation Chairman Brock Pearce became one of the most notable figures in the industryю He became a co-founder of the blockchain-start-up for entrepreneurs Block.One, which attracted about $ 200 million in the EOS crypto currency during the ICO. Now the market capitalization of the coin is about $ 6.5 billion.