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North American country Cuba is aiming to officially recognize and regulate cryptocurrencies. As per a recent resolution published in the Official Gazette, the Central Bank will set up rules for the use of digital assets. The central bank also revealed that it would be working on licensing crypto service providers operating on the North American island. Cuba is currently under several sanctions from the USA, making it harder for people to use the US dollar.
Cuba is following El Salvador in recognizing cryptocurrencies.
In May 2021, the Latin American nation El Salvador passed a law recognizing Bitcoin as an optional legal tender in the country. El Salvador’s Bitcoin law is all set to go into practice next month, and the preparations for the same are already in full swing. The resolution from the Official Gazette mentions that the Central Bank has the power to authorize digital assets “for reasons of socio-economic interest.” However, the state will ensure that the operations are controlled. It will also look after the fact that if these crypto transfer operations are vulnerable to illicit activities.
Cubans are already using cryptocurrencies to combat economic uncertainties.
Cubans are already using cryptocurrencies increasingly to combat rising economic uncertainties. Earlier, Erich García, a local cryptocurrency expert from Cuba, said that the natives already use digital assets through gift cards to make online purchases. The popularity of cryptocurrencies has grown among a technologically savvy group in Cuba. It has become harder to use the US dollar because of toughened embargo rules imposed under former President Donald Trump. Earlier, Chainalysis reported that Vietnam was ranked first in crypto adoption this year. India, Pakistan, and Ukraine were other top countries that witnessed increased crypto adoption.