PayPal Pulls Out of Puerto Rico; Huge Opening for Bitcoin

Credit to: Tax News : PayPal Pulls Out of Puerto Rico; Huge Opening for Bitcoin

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The original online payment platform, PayPal, has decided to leave the populous island of Puerto Rico next month. The commonwealth has imposed a 2 percent take on any money transmission, forcing Paypal’s hand. So what does this mean for those who need to send money from Puerto Rico?

Puerto Rico Begins Capital Controls

When a country’s economy or currency is struggling or on the brink of collapse, the citizens start to move money out of the nation to protect their savings from the devaluation. Nine times out of ten, the economic downturn is caused by poor governance and economic policy, not the citizens. Therefore, the people would rather invest their money in appreciating assets, not poor leadership and economic decline.

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I can't help but wonder how long til the regulators decide this new policy disparately impacts minorities (hispanic) and fines them into oblivion?

Bitcoin and other cryptocurrencies are backdoors for moving money out of one jurisdiction and into another. The traditional banks benefit greatly from them.

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Originally Posted by allodial

Bitcoin and other cryptocurrencies are backdoors for moving money out of one jurisdiction and into another. The traditional banks benefit greatly from them.

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I disagree.

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Originally Posted by allodial

Bitcoin and other cryptocurrencies are backdoors for moving money out of one jurisdiction and into another. The traditional banks benefit greatly from them.

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Originally Posted by lorne

I disagree.

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That's right lorne....just about anything can be laundered....including the bathroom rugs I've got in the washer now ;]

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Originally Posted by lorne

I disagree.

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Why do you disagree? On what basis? Meant to generally refer to Bitcoin, Ripple/XRP {one to watch IMHO} and other cryptocurrencies generally mainly for FOREX. If you and a cabal are going to wreck a society, what easier way to move money around than Bitcoin or other cryptocurrencies to your next destination? What better way to draw a crowd and hide in it than make everyone think its the next best thing to apple pie, ice cream and bikinis on So. Cal. beach? And if a world currency is your objective, duh you make Bitcoin, etc. roll right into it with ease.

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Currently implemented by companies such as Fidor Bank, the Ripple protocol has been increasingly adopted by banks and payment networks as settlement infrastructure technology {backroom, backdoors with international scope}, with American Banker explaining that "from banks' perspective, distributed ledgers like the Ripple system have a number of advantages over cryptocurrencies like bitcoin," including price and security.

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Nine banks, including Barclays and Goldman Sachs, may adopt the blockchain system that logs who spends which virtual coins in an ever-expanding computer equivalent of a ledger.

The banks want to use the blockchain method because it is hard to fool - making fraud more difficult.

It could also speed up trading systems and make deals more transparent.

The project to test blockchain-like technology is being led by financial technology firm R3 which has signed nine banks up to the initiative.

The other seven are JP Morgan, State Street, UBS, Royal Bank of Scotland, Credit Suisse, BBVA and Commonwealth Bank of Australia.

Technical meetings with the banks had prompted discussion of how it could be used within banks' trading arms, said David Rutter, head of R3 in an interview with Reuters.

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https://www.youtube.com/watch?v=UdvX-KNAeTs

Related:
Big Banks Consider Using Bitcoin Blockchain Technology

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Originally Posted by lorne

I disagree.

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It would be great if you can share with us your thoughts
on why you disagree on his thoughts? :)