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Cryptocurrency, blockchain could find next stronghold in Puerto Rico

(FinancialPress) — Puerto Rico is gearing up to become the next hot hub for blockchain and cryptocurrency companies. Entrepreneurs and industry experts said as much during a conference this week, as incentive efforts were revealed by government officials.

Puerto Rico‘s Department of Economic Development and Commerce frontman Manuel Laboy informed the media on Thursday that blockchain business that set up shop in the country will have an advisory council at their disposal to aid growth.

Businesses that opt to move their operations to the U.S. territory will also get handsome fiscal incentives.

Laboy told CNBC that the “win-win situation“ that is being concocted between investors and Puerto Rico is a show of the eagerness the island has to ride the wave of the booming cryptocurrency industry. The declarations were made during the 3-day Blockchain Unbound conference held in San Juan, Puerto Rico.

He showcased that there‘s only one qualified worker available for every 14 developer jobs open in the sector.

Brian Kelly, a strong pro-bitcoin bull, told CNBC that “the government is looking for new ways to attract business. Cryptocurrency is a new business.”

Kelly sees Puerto Rico as a “viable“ place to relocate the sector‘s businesses. One as viable as “Switzerland, as Singapore, as Hong Kong“, said the BKCM Investment founder.

“And that what we’re all here to find out, is how to do it in this environment.”

A shaky landscape

Cryptocurrencies have gone through a rough patch recently, as regulators crack down on exchanges in some of their biggest markets. Adding fuel to the fire is Google, which announced that it will ban all crypto-related ads from its platform, pending a self-administered certification of advertisers. Bitcoin, ethereum, ripple and litecoin were some of the bigger digital currencies that were slammed by the slew of tough news.

Patrick Moynahan, CEO for Blockchain Industries, said that all of this was “probably a concern for the industry“.

Bitcoin fell to under $8,000 this week – a stark contrasts from its all-time high of over $19,500.

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