Puerto Rico to launch its own cryptocurrency
SAN JUAN – The virtual world has changed everything, including money. Puerto Rico will soon have its own cryptocurrency, or digital currency.
It will be known as the Kokicoin and is expected to be released as early as August.
This was announced Friday by Rodolfo Sessman, president of Puerto Rico Bitcoin and partner at the Blockchain Trade Center. Kokicoin is an initiative of the company.
“We already have the” white paper “with the specifications,” he told Caribbean Business.
The currency is being worked on with local and Argentine experts with the support of an Indian firm, he said.
There are already other countries, such as Chile, that have their own virtual currency. Cryptocurrencies use encryotion techniques to regulate the generation of virtual currency units used as a payment method and which are increasingly being used for investments.
Kokicoin would be what is known as a utility token and not a security token, as is Bitcoin, for example, Sessman explained.
According to Forbes, so-called utility tokens represent access to the services and futures of a company. Security tokens, meanwhile, work similar to the actions of a company and can be regulated by federal securities laws.