Cuba To recognize and Regulate Cryptocurrency

The Cuban government is reportedly set to accept and regulate cryptocurrencies for payments.


The Cuban government is reportedly set to accept and regulate cryptocurrencies for payments.
Cuba | Image: State.gov

The moves amid the country had to momentarily stop allowing cash bank deposits in U.S. dollars due to restrictions that the former U.S. President Donald Trump has set for them.

Aljazeera also stated that the Caribbean nation’s central bank would set rules for crypto transactions. More so, Cuba also expects to give licenses to businesses based on the crypto-related services they offer.


According to reports, making crypto a legal tender has been well received by Cuba’s tech-savvy population. This is because the country had temporarily stopped taking cash deposits in U.S. dollars due to restrictions set by former U.S. President Donald Trump.


The country has been struggling economically just like El Salvador, which has recognized the largest crypto, Bitcoin (BTC) as a legal tender. In addition to this, El Salvador President Nayib Bukele talk about the construction of country-wide infrastructure to support the adoption of BTC.


Following this, the Central American Bank for Economic Integration (CABEI) said that El Salvador’s Bitcoin adoption policy could reduce overall remittance costs and possibly transform the payment landscape across Central America.

To justify more about what the bank has said, Dante Mossi, executive president of CABEI, said,


"I believe that El Salvador’s out-of-this-world experiment could result in greater financial inclusion, and thus, it is in CABEI’s best interest to help El Salvador create a technical framework for Bitcoin adoption."