Puerto Rico has defaulted on its debt.

Last week, Puerto Rican Gov. Alejandro Garcia Padilla decided to pay teachers, emergency personnel, and other “critical needs” instead of paying back creditors who hold general obligation bonds, CNN Money reported. The Caribbean island was supposed to make an $800 million payment last July 1, but the government said its finances are in “dire” situation with only about $350 million in cash on hand.

Puerto Rico’s decision to default was expected as the island, which has already defaulted three times on other times of bonds, has warned months back that it wouldn’t have the money to pay for its $70 billion debt.

Still, this event, which hasn’t happened since 1933, may place the U.S. territory in a bad light—and at the same time, create opportunities for digital currencies such as bitcoin in the island. How, you ask?