Crypto-Friendly Puerto Rico Governor Ricardo Rosello Resigns
Protests outside the door of Governor Ricardo Rosello continued for weeks, following a scandal from a leaked message with insensitive content.
Puerto Rico, home of some of the most intriguing and ambitious project in the crypto community, will undergo a shift of power. Ricardo Rosello, the Governor that helped invite Bitcoin (BTC) and cryptocurrency projects to the hurricane-stricken island nation, is resigning, ending his term on August 2.
After weeks of popular discontent and loss of political support, Rosello resigned, following a scandal ignited by leaked texts. Rosello’s communication with a close circle of 11 politicians was shown to contain homophobic and sexist jokes.
Rosello has been known as a keynote speaker in crypto conferences, and may have mentioned cryptocurrency again just before his resignation:
There are also beliefs that the resignation may affect the future of the crypto projects within the small country.
Puerto Rico became the hub of libertarian ideas, after Hurricane Maria wrecked the island in 2017. In the months following the disaster, crypto proponents, loosely led by child star Brock Pierce, landed on the island, sending out various promises that crypto assets could help the country recover.
So far, the recovery still has a long way to go, and the merits of Bitcoin and digital assets remain questionable. And the relief efforts of Pierce have been viewed with skepticism, failing to address some of the central issues of the devastated nation:
In the past months, crypto assets have moved into another possible future - a highly regulated asset class, with strict anti-terrorism and anti-money-laundering rules. Secrecy has been sacrificed for transparency and regulations. The building of a cryptocurrency libertarian utopia has not happened as promised - whether in Puerto Rico, or in more outlandish projects to build an offshore platform.
At the same time, crypto proponents are still gathering in San Juan, the island’s capital, to talk about raising funds and attracting new investors to bring the country back to modern development.
The future of cryptocurrency is being discussed by regulators worldwide right now, with various countries and regions taking divergent stances, offering more or less liberal opportunities to trade or deploy decentralized finance solutions.