Crypto Millionaires Creating Tax-Free Utopias in South America, Locals Unhappy

Shiwangi Arya
Shiwangi Arya April 24, 2022
Updated 2022/05/03 at 9:05 AM
Crypto Millionaires Creating Tax-Free Utopias in South America, Locals Unhappy
Source: MIT Technology Review

Amidst the nation’s call for raising the taxes for the wealthy, crypto millionaires South America are creating their own tax-free utopia. However, nationals have appealed to President Joe Biden to look upon the matter and increase the tax for the elites in America.

Crypto Millionaires to Live in Their Tax-Free Utopia

The one main reason behind creating these crypto havens, is a world free from taxes and conventions. Moreover, the company at the vanguard of this undertaking is the Free Private Cities Foundation. This company encourages the idea of “voluntary contract based societies”. Besides that, it also appeals for the expansion of private cities all around the world. Nonetheless, their slogan is “the future of governance is private”. Ironically, this movement is especially for those people who are blindly rich. Dr. Titus Gebel, the founder of the Private Cities Foundation has encouraged the Salvadoran government for a Bitcoin city. According to sources, some private sector will govern the city.

Crypto Millionaires Creating Tax-Free Utopias in South America, Locals Unhappy
Source: CryptoSlate

This organization is planning to expand its crypto world beyond America and Salvador. It aims to create various international prosperity zones across the globe. Moreover, the Free Private Cities Foundation is also laying its eyes on Honduras. Honduras has three major ZEDE’s. These ZEDE’s are nothing but economic zones under Private Corporation’s governance, commonly stated to as free private cities. However, these ZEDE’s are free from all sorts of taxes and have the rights to set up their own government. Besides that, they can open up their own schools, courts, parks, etc.

Are the Locals Happy? 

Well, some people are not very happy with these ZEDE’s. These regulation-free cities will become a haven for multiple criminal activities. Besides that, it will also lead to the displacement of the locals. They oppose the ZEDE’s as it will result in an increase in poverty rates. CEO of Crypto Cannabis Club has stated that such cities are too early to tell. There are several merits and demerits of this undertaking.

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