Cuba ready to recognize and regulate cryptocurrencies
After a series of backlash and crackdowns from global governments, cryptocurrencies have finally found space in Cuba, with the Cuban government recently announcing that it is ready to recognize digital currencies and regulate those for payments.
According to reports, the Caribbean nation’s central bank will establish rules for mainstreaming cryptocurrency transactions. Cuban authorities are also slated to distribute relevant licensed traders and businesses based on the services they provide.
Cuba boasts of a highly tech-savvy populace, and as sources claim, this particular tendency has sped the acceptance of cryptocurrency among legal tenders. This move soon followed after Cuba had temporarily stopped accepting cash bank deposits in USD owing to tighter restrictions under former US President Donald Trump.
Other struggling economies such as El Salvador have also been looking towards mainstreaming of cryptocurrencies, most recently, BItcoins. Just this week, Nayib Bukele, the Salvadoran President, announced formally a countrywide construction of infrastructure for sup[orting Bitcoins.
According to the Central American Bank for Economic Integration (CABEI), El Salvador’s step towards Bitcoin adoption can help reduce overall remittance costs, potentially transforming the remittance landscape in the whole of Central America.
Executive president of CABEI, Dante Mossi, believes that this move is an “out of this world experiment” for El Salvador and has excellent chances of leading to its greater financial inclusion. It is in CABEI’s best interest to assist El Salvador in creating a technical framework for an overall Bitcoin adoption, Mossi reiterated.