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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.
More likely PP is catching wind of a massive money laundering or drug money use of the service in that area and doesn't want to be in the crosshairs, with all the costs involved. The fact that it is only pulling that area of service is telling.
I couldn't get that site to come up at all, so I can't comment much except to say that I'm skeptical of somebody writing for something called "Tax Avoidance News" that not only touts bitcoin but apparently doesn't realize that Puerto Rico is a US territory/commonwealth and uses the USD. It sounds like an economic wingnut site set up to separate economic doomsday preppers from their hoarded shekels.
PR is not doing very well for a long time now. They are out of money, in huge debt and there is nothing coming in.
The cities ,roads, beaches, buildings, car parks, bridges... all look like they maintenance. Facilities are very poor, the people are cash poor and there appears to be no path forward other than grind it out and hope things get better.
PR might do well to dump the USA, setup as a low corporate tax haven where companies can produce higher value products in a low tax environment.
Because whatever they are doing now is just not working.
(the people are friendly and family focused if PR had some monies, it would be a fantastic place to raise kids.)
I couldn't get that site to come up at all, so I can't comment much except to say that I'm skeptical of somebody writing for something called "Tax Avoidance News" that not only touts bitcoin but apparently doesn't realize that Puerto Rico is a US territory/commonwealth and uses the USD. It sounds like an economic wingnut site set up to separate economic doomsday preppers from their hoarded shekels.
Yeah it is certainly against the tax boogey-man, even in this article.
Bitcoin is a scam, always has been since day 1. To even suggest this is just criminal.
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