Cuba set to recognize and regulate cryptocurrency
The country had to temporarily stop accepting cash bank deposits in United States dollars due to tighter restrictions set by former U.S. President Donald Trump. 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....
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On Thursday the Cuban government said it would “recognize and regulate” Bitcoin and other cryptocurrencies on the island.
Crypto is now a legal method of payment for commercial transactions in the Island nation. Resolution 215 of 2021 issued by the Banco Central de Cuba (BCC) — the country’s central bank — recognizing cryptocurrencies like Bitcoin (BTC) is now in effect.According to Cuba’s official state news agency Prensa Latina, the order became official on Wednesday.With crypto legally recognized by the BCC, Bitcoin and other cryptocurrencies can now be used for commercial transactions and investments in Cuba.As previously reported by Cointelegraph, the central bank first announced plans to recognize and....
Bitcoincuba aims to introduce the cryptocurrency bitcoin to the Cuban community, with the first transaction already made through a public WiFi. According to founder Fernando Villar, this could show Cubans that it is possible to transact using the cryptocurrency via Nauta, the state-run public WiFi network. "This will hopefully open everyone's eyes on the possibilities and finally put Cuba on the bitcoin map," Villar mentioned. Bitcoin in Cuba. The financial system is a little more complicated in Cuba, as there are two official currencies in circulation. One is the peso, which is used for....
Proof that Bitcoin can empower the minority, independent of political will or regulatory circumstance, is coming to light in 2015 – in Cuba. In an exclusive interview with CoinTelegraph, members of the Club Anarcocapitalista de Cuba (Cuban Anarchocapitalist Club; CAC) were able to go on record to describe their mission to bring the social and economic freedom engendered by Bitcoin to their local community. Changing international relations with Cuba have made international headlines in recent months. Trade embargoes with the US are under review, and in their absence a Cuba could emerge....
When a country faces a severe economic crisis or living in a long-lasting political turmoil, cryptocurrencies are often discussed as an alternative to deal with the tough times. Although cryptos are not an unfamiliar issue in Cuba, the Communist Party of Cuba (PCC) has been recently showing interest in digital assets to face the economic crisis. Party Delegates Want to Assess Feasibility of Cryptos in the ‘Current Economic Conditions’ According to Directorio Cubano, some members of the PCC suggested that the country should make its inception into the crypto sphere as “an....