Cuba Set to Recognize, Regulate Cryptocurrency

Date: 27 August 2021 - 21:33

News ID: ۹۳۶۶۱

HAVANA (Dispatches) - The Cuban government is reportedly planning to recognize and regulate cryptocurrencies for payments. According to Aljazeera, the Caribbean nation’s central bank will establish rules for mainstreaming cryptocurrency transactions. Cuban authorities are also expected to distribute relevant licenses to businesses based on the crypto-related services they provide. Some sources claim that the move to allow cryptocurrency as a legal tender has been well received by Cuba’s tech-savvy population as the country had to temporarily stop accepting cash bank deposits in United States dollars, given tighter restrictions set by former U.S. president Donald Trump. Struggling economies, such as El Salvador, have also started mainstreaming Bitcoin (BTC) adoption. On Monday, Salvadoran President Nayib Bukele announced the construction of country-wide infrastructure to support the adoption of Bitcoin.