KI Design Magazine

Crypto-Colonialism: New-Money’s Venture Into A Foreign Tax Haven

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After the devastating Hurricane Maria wrecked Puerto Rico, a new breed of wealthy individuals from cryptocurrency investments flocked to the tax-friendly island. With the dream to build what they called Puertopia (now named Sol), the entrepreneurs are leaving California in masses to escape heavy state/federal taxes and with the hopes of rebuilding the society to function on the blockchain.

While this sounds great in theory, what happens to natives of the U.S. territory throughout this process? Is buying up tons of land and dodging taxes that the locals have to pay to create your own blockchain world considered colonialism?

Hedge fund manager Robb Rill certainly seems to think so. Rill, who runs a social group for those moving to Puerto Rico for tax breaks, says people “call me up saying they’re going to buy 250,000 acres so they can incorporate their own city, literally start a city in Puerto Rico to have their own crypto world… I can’t engage in that.

To understand the seriousness of this situation, let’s take a look at the definition of colonialism. Colonialism is defined as “the policy or practice of acquiring full or partial political control over another country, occupying it with settlers, and exploiting it economically.” …

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