Cuba will recognize and regulate cryptocurrencies

According to reports, the Cuban government is planning to recognize and supervise cryptocurrencies used for payments.

According to Al Jazeera, the central banks of the Caribbean countries will Establish The rules of mainstream cryptocurrency transactions. It is expected that the Cuban authorities will also distribute relevant licenses to enterprises based on the encryption-related services provided by the enterprises.

Some sources claim Due to stricter restrictions imposed by former US President Donald Trump, Cuba had to temporarily stop accepting cash bank deposits in US dollars. Therefore, the move to allow cryptocurrency as legal tender was welcomed by Cuban technology-savvy people.

Troubled economies such as El Salvador have also begun to mainstream Bitcoin (Bitcoin) pass through. On August 23, El Salvador’s President Naib Bukler announced National infrastructure to support Bitcoin adoption.

related: El Salvador’s adoption of Bitcoin may change remittances in Central America

El Salvador’s Bitcoin adoption policy can reduce overall remittance costs and may Change the remittance pattern throughout Central AmericaAccording to the Central American Bank for Economic Integration (CABEI).

CABEI CEO Dante Mossi believes that El Salvador’s “going out experiment” may lead to greater financial inclusion. Therefore, it is in CABEI’s best interest to help El Salvador create a technical framework for Bitcoin adoption.