The blockchain technology has truly made an impact on all things online investments, and from this, there is no individual or even country that wants to be left behind. Every person wants to get into the action, and the latest news on this is Puerto Rico.
The Economic Development and Trades Department in Puerto Rico has just launched an advisory council around the Blockchain technology. The aim behind this move is to attract the various countries that are based on this blockchain technology; this is according to the El Nuevo Dia, a local news outlet.
The country’s secretary of the economic development and commerce, Mr. Manuel Laboy Rivera, announced this new fantastic move during the Unbound Blockchain Conference that was held in San Juan. It is said that the council will have both private and public sector members to ensure both parties interest is well represented.
Not forgetting the council will also include Luis Arocho, he is the CIO, chief innovation officer, of the government, George Joyner and various other entrepreneurs who are in the blockchain industry who are currently at Puerto Rico. What this means, the who is who in the blockchain technology in Puerto Rico should see this new move as promising to the growth of the blockchain technology.
There will be projects being filtered
The local news El Nuevo Dia reported that the council would unofficially act as a filter that will be able to distinguish between the legitimate and scam blockchain projects. Thus, this will significantly help the investors and even solve the various problems the country has been experiencing; it is from the many projects that are around that are not adding any significant value.
As we have seen over the past few months, the blockchain technology is the new kid on the block, and most companies are trying to take advantage of this. A good example would be the shares of Long Island Iced Tea went up by about 300% after the rebranding to Long Blockchain, this is according to CNN. With this, it is clear the government will need to be very keen on analyzing each company, and they should take the necessary steps in ensuring they support the proper projects.
Since we are seeing the trend of using the word Blockchain just as a catchphrase for companies to lure in investors.
Mr. Rivera also explained with the new council put in place they should be in a better position to develop the best legal regulations and framework that will help in supporting the legitimate blockchain business. It is more and more good news for investors who are into the blockchain technology.
So what exactly does Puerto Rico hope to achieve in all this?
It is clear that Puerto Rico has seen the new thing in investments is the blockchain technology. Mr. Rivera informed the CNBC that just before the natural disaster the country was already aiming at becoming the leader in export technology and services. The country is not aiming just to be a leader in its region but the world over, and there is no better way than penetrating the blockchain technology. It is the vision that Gov. Rossello has been having for this promising Island.
This is a country that is making bold moves, one that others should join as they will be taking over soon, as the blockchain technology is the way to go.