Cuba To Recognize And Regulate Cryptocurrencies For Payments

The Cuban government wants to officially recognize bitcoin and other cryptocurrencies. The island nation plans to regulate assets for use in the payments sector, according to a Bloomberg report.

Citing the Official Gazette, the report says the government and the Central Bank will work together to legalize cryptocurrency. The bank is expected to formulate a formal framework for the use of cryptocurrencies, including the licensing of cryptocurrency providers who will offer financial services in the country.

According to the government's decision, the authorities are seeking to officially allow the use of cryptocurrencies for "socio-economic reasons." The state will seek stricter controls in this area to prevent the use of cryptocurrency for illegal activities such as money laundering and fraud.

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