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Cuba Will Recognize and Regulate Cryptocurrency


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After more major sanctions from the United States Cuba is left with no choice and will officially recognize and regulate cryptocurrency.

A recent resolution that was published by the Cuba Government declared that the Central Bank of Cuba is in the process of creating rules and regulations regarding cryptocurrency use in the financial sector of Cuba.

Many Cubans believe this is just a way for the corrupt Communist government of Cuba to easily obtain funds illegally without any paper trails but others Cubans see it as life saver considering it will be easier to receive money from family and friends in the United States who are looking to help out their family’s back home.

Cuba isn’t the only Latin country to adopt cryptocurrency, El Salvador has offcially recognized Cryptocurrency a few weeks back too.

Aljazeera had more on the story:

Cuba has said it will recognise – and regulate – cryptocurrencies for payments on the island in a move that could help to circumvent American sanctions.

A resolution published in the Official Gazette on Thursday said the central bank will set rules on cryptocurrencies and determine how to license providers of related services within the communist state.

The announcement comes as the popularity of cryptocurrency has grown in Cuba among some technologically savvy groups, as it has become increasingly difficult to send and use US dollars on the island, in part because of toughened embargo rules imposed under former United States President Donald Trump.

While some expected President Joe Biden to seek to normalise relations, as former President Barack Obama did, he has instead taken a harder line, imposing further sanctions against Cuban officials following crackdowns on rare protests in the country.

The Economic Times covered the story too:

Cuba’s government has said it will recognise — and regulate — cryptocurrencies for payments on the island.

A resolution published in the Official Gazette on Thursday said the Central Bank will set rules for such currencies and determine how to license providers of related services within Cuba.

The Central American nation of El Salvador recently announced it would recognize use of the cryptocurrency Bitcoin as a way to encourage remittances from its citizens living abroad.

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