Cryptocurrency entrepreneurs have moved to Puerto Rico to build a crypto utopia – initially dubbed Puertopia but now named Sol – where they plan to pay little in taxes.

The crypto expats also hope to demonstrate how the city of the future will look with blockchain methods used for most transactions alongside the development of a new digital cryptocurrency.

But it’s less clear about whose future – the few or the many – will be the driving force for change on the US territory.

Puerto Rico was devastated by last year’s Hurricane Maria and, with inadequate aid from the US, it desperately needs investment to rebuild the island’s infrastructure. Puerto Rico was already facing severe financial difficulty before the calamity. It goes some way to explaining why local authorities are cautiously welcoming the arrival of cryptocurrency entrepreneurs on the island. But at what cost?