Joel and I are wrapping up a fantastic week in Puerto Rico. While there were still reminders of the havoc wreaked by Hurricane Maria, between the sunshine, mojitos and overwhelming excitement for blockchain technologies, the Caribbean island felt more like a cryptocurrency haven than anywhere else we’ve traveled.

Island on the Block

New, disruptive technologies need more incentives to go beyond crypto’s early adopters.

Puerto Rico’s objective is clear: it wants to be at the epicenter of blockchain innovation. The island’s government has since established a lenient regulatory and tax environment to further incentivize the blockchain community to call the Carribean island their home.

Act 20 (no federal taxes in Puerto Rico) and Act 22 (no taxes on cryptocurrencies profit made in Puerto Rico) are the two recents regulations supposed to turn the tropical paradise into a tax haven for investors.

To attract more entrepreneurs and businesses, Puerto Rico even formed an advisory council focused on growing the local blockchain ecosystem. Between the rainforest and the white sand beaches, a vibrant community comprised of blockchain and crypto enthusiasts from all around the world has been flourishing fast.

Just last week, three of the largest blockchain conferences called San Juan, Puerto Rico their home last week: d10e, Blockchain Unbound, and CoinAgenda. The crypto community’s zenith of influence (those who don’t live in Puerto Rico yet) descended upon San Juan for a week-long gathering that consisted of blockchain panels, keynotes, pitch contests and events.

/*Humble brag starts*/ CoinAgenda hosted the largest ICO pitch competition of the week, with 40 different teams, and your dearest Siglo team won. /*Humble brag over*/

[Watch our pitch here].

But, Puerto Rico’s blockchain community is still in its infancy.

On September 20th, 2017, Hurricane Maria devastated the Caribbean Islands, and not only was Puerto Rico one of the most severely damaged, but billions of dollars of debt to the territory’s already fragile economy.

The island quickly turned to blockchain to rebuild toward a more prosperous economy beyond tourism.

The crypto movement to rebuild Puerto Rico really picked up thanks to influencers like Brock Pierce, a crypto billionaire who saw the opportunity to establish Puerto Rico as a blockchain nation — code names: Blockchain Island, Crypto Rico. Under his influence, the crypto community gathered to build the future of blockchain and cryptocurrency in and from Puerto Rico. Needless to say, the very friendly regulatory environment and low taxes were an extra motivation.

Investors, developers, doers, and shakers are relocating to the Caribbean to be part of this revolution. Once called crazy, the Puerto Rican crypto settlers have now become visionaries.

With a clean slate, Puerto Rico has the opportunity to fully reimagine their infrastructure using blockchain technology — from power grids and financial infrastructure to supply chain and real estate — the possibilities are limitless.

For the Siglo team, this trip was the opportunity for us to connect, reconnect, or get to know better, the very best of the crypto world.

And what more could we have done than host the creme de la creme of the crypto community to not one but two of our now famous Sushi dinners with the best co hosts? AI Chain, SwissRealCoin, Bueno Capital, and the DNA Fund team, la creme de la creme I am telling you…

For two evenings, we gathered the most brilliant minds in cryptocurrency around Michael Stember’s sushi table to share Siglo’s vision to promote digital and financial inclusion in emerging markets. The exposure also allowed us to drive extensive interest in the Siglo protocol and the opportunity to collaborate with the biggest catalysts of the blockchain industry.

San Juan: Nest of Spies

Despite bearing witness to the beginnings of a blockchain utopia, every good story comes with its own dose of suspense and allure. The rise of blockchain and cryptocurrencies is no exception. While Puerto Rico isn’t the only concern in the matter, as decentralization took down the very notions of international borders, it surely offers the perfect ingredients for the next blockbuster.

The craziest stories we’ve heard have been the ones surrounding the birth of the crypto community. Most are stories and urban legends that didn’t take long to spread, but maybe some are facts or pure destabilization methods. But, they’ve made its way into blockchain’s genesis.

These whispers involve drugs, Russian spies, Cold War-level surveillance, CIA, marksmen, all in the ambiance of the Old San Juan (a really beautiful city that’s full of history). The only thing missing was my fellow Frenchman, Jean Dujardin, in his iconic role of Hubert Bonisseur de La Bath as OSS 117 to fully feel like we were inside of an epic old school spy movie.

Beyond these romanticized tales, there are real stories, likely somewhere between the truth and fruitful imagination. Creativity isn’t a scarce resource for this nascent crypto community. But truth be told, this excitement around the blockchain certainly isn’t usurpated, but as long as these stories remain stories, the crypto community is off for a wonderful journey.

This trip to Puerto Rico really inspired us, and left us brimming with confidence about the future of these technologies.

As a bonus, Siglo won best ICO, remember? So we are bullish on that, too. 😉

Before leaving you, I want to leave you with two thoughts. They are my personal opinions and can hopefully offer some food for thoughts or at least a good ice breaker the next time you have a conversation with someone about blockchain and cryptocurrency:

Blockchain and cryptocurrencies are here to stay and are one of the most disruptive technologies of our time. Together, it will challenge the establishment, and that’s a serious matter for global institutions and governments.

Regulation is inevitable. We are only at the beginning of the revolution, however the industry has evolved much faster than any governments and institutions are able to deal with. There needs to be a conversation between the community and the governments to perenize the industry and protect the interest of all stakeholders.

Welcome to Crypto Rico!

The story is just getting started.

To be continued…

by Antoine Delanglade, Business Development at Siglo