Puerto Rico to have first cryptocurrency bank

Real estate developer Nicholas Prouty said a cryptocurrency bank may start operating in a year in Puerto Rico, which will also create the cash reserve needed to back Tether.

During the annual Puerto Rico Investment Summit, Nicholas Prouty confirmed the truth lack of bank reservers. Nicholas noting the bank Tether officials were working with opted to back out of the deal to avoid liability.

He said Tether officials needed to purchase a bank to obtain “the capital infusion from a sovereign wealth fund to create the initial reserve. It will begin banking crypto soon. After speaking with these guys, it should take about a year before this bank can replace some lenders as a large financing entity for the Puerto Rican market.”