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News Link • Puerto Rico

Academics Claim "Crypto-Colonialism" Rampant in Puerto Rico

•, Samuel Haig

The opinion piece is authored by lecturer in accounting and finance at Anglia Ruskin University in the UK, Larisa Yarovaya, and professor of international finance and commodities at Trinity College Dublin, Brian Lucey.

The article states that the devastation wrought by Hurricane Maria in 2017 has left Puerto Rico "desperately" in need of "investment to rebuild the island's infrastructure," and compounded severe pre-existing financial difficulties faced by the territory. It is said financial difficulties, the authors argue, that has lead to "local authorities […] cautiously welcoming the arrival of cryptocurrency entrepreneurs on the island."

The authors conclude that Puerto Rico's "Resources and infrastructure, post-Hurricane Maria, are too stretched to support cryptocurrency mining on the island" – pointing to recent power outages that left as many as 175,000 businesses and households without power for many hours, on top of the 400,000 Puerto Ricans who have remained without power for nearly five months since the hurricane/

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