The world has been embracing cryptocurrencies and Cuba decided to join the party. The country clearly became a part of the countries that recognized crypto and not those that exhibited a hostile nature towards the assets.
Over the last few years, cryptocurrencies flourished and managed to garner a significant spot in the monetary world. Prominent countries were seen dissing these assets while smaller governments began embracing the market. El Salvador’s recent move of giving Bitcoin a legal tender was a game-changer. The region decided to recognize Bitcoin to bolster remittances from El Salvadorans living outside the country.
Taking notes from El Salvador, the Cuban government went on to recognize crypto and would reportedly regulate it.
Cuba to soon embrace crypto
In its recently published Official Gazette, the central bank of Cuba revealed that it would roll out a separate set of rules that govern cryptocurrencies. This would not only aid in the regulation of the market but would also help the government in the licensing of crypto platforms in the region. The bank further noted that it would allow these assets along with crypto service providers to function in the country for “reasons of socioeconomic interests.”
Crypto is reportedly popular in the region following sanctions imposed by former US President Donald Trump. While crypto was started to deliver financial independence and freedom to people, here crypto would seemingly be used to evade US restrictions.
While the Cubans are already using crypto, it is still not entirely sure how the citizens of the island would perceive the recognition of the market. Even though several people from around the globe were lauding El Salvador for its Bitcoin-friendly move, an array of El Salvadorians expressed angst and distress over the government’s decision.
An activist spoke about the same and had stated,
“It is a law that generates legal insecurity and that could be used to defraud users and also facilitate money and asset laundering.”